CBN Annuls 42 Microfinance Banks Operating Licenses.

The Central Bank of Nigeria has annulled the operating licenses of 42 micro-finance banks in Nigeria.

The Nigeria Deposit Insurance Corporation revealed this on Friday in an announcement on its website named; ‘Notice Of Closure Of 42 Microfinance Banks’.

It stated; “This is to inform the depositors, creditors, shareholders and the general public that the operating licenses of the under listed Microfinance banks have been revoked by the Central Bank of Nigeria.

“The Nigeria Depositor Insurance Corporation, the official liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and pay their insured depositors.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”