We Refunded N1.2bn to Depositors of Liquidated MfBs - NDIC   The Nigeria Deposit Insurance Corporation (NDIC) has said it has refunded more depositors of microfinance banks whose licences were recently revoked by the Central Bank of Nigeria. It said currently, it had refunded N1.2bn to about...

CBN Revokes 179 Microfinance Banks, Others’ Licences   The Central Bank of Nigeria (CBN) has revoked the licences of 179 microfinance banks in the country, as well as four primary mortgage banks and three finance companies. This was disclosed in the official gazette of the Federal Government,...

Microfinance Banks’ Total Assets Rise To N1.01trn     The total assets of the microfinance banks rose by N251.02bn from N758.98bn as of the end of July 2020 to N1.01tn as of the end of December 2020 as the firms moved to achieve their recapitalisation requirements. This was...

CBN, Experts Urge Microfinance Banks To Boost Financial Inclusion         The Central Bank of Nigeria and financial sector experts have called for collaborative efforts among microfinance banks to promote the expansion of micro-insurance as a tool for deepening financial inclusion. They made the call at the sixth...

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...

CBN, DBN Urge MfBs To Improve Sustainable Banking     The Development Bank of Nigeria and the Central Bank of Nigeria have urged microfinance banks and other participating financial institutions to improve their sustainability efforts and become more responsive to their social and ecological environment. The banks said...