The Central Bank of Nigeria (CBN) has revoked the licenses of 132 microfinance banks, four primary mortgage banks, and three finance companies. The apex bank accused the affected banks of flouting certain rules, as stated in the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5. The concerned banks reportedly also deviated from their original services.

Speaking on the matter, Bello Hassan, the managing director/chief executive of NDIC, assured depositors of the safety of their deposits. He also gave the guidelines by which depositors can recover their funds lodged with the affected banks.

Hassan equally said that the maximum specified limits for the MFB and PMB sub-sectors are N200,000 and N500,000 per depositor per bank, respectively.


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