CBN Revocation Of Licences Of Microfinance Banks, Primary Mortgage Banks And Finance Companies

On May 22 and 23, 2023, the Central Bank of Nigeria (CBN) revoked the licences of one hundred and seventy-nine (179) Microfinance Banks, three (3) Finance Companies and four (4) Primary Mortgage Banks. We have reviewed the circumstances surrounding this revocation of licences, the reasons given by the CBN, the options available to the affected financial institutions and also the status of customers’ funds with these financial institutions.

To read our review, please click here