‘Depositors’ Fund Well-Secured’, Microfinance Banks React To CBN’s Revocation…

Amid the revocation of the operating licence of some microfinance banks by the Central Bank of Nigeria (CBN), the President of the National Association of Microfinance Banks, Joshua Ukute has assured depositors that their money is well-secured.

Ukute said the association is working with the regulators and the affected microfinance banks for a proper winding down.

The apex bank had revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country.

The apex bank said the financial institutions failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5″.