CBN revokes 42 microfinance banks’ operating licences

The Central Bank of Nigeria has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation disclosed this on Friday in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’. It stated, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing

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