CBN Revokes Licences of 42 MFBs, NDIC Begins Verification of Depositors

Monday, December 21, 2020  / 04:45 PM / By NDIC / Header Image Credit: NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the closure of 42 Microfinance Banks (MFBs) which operating licences were recently revoked by the Central Bank of Nigeria (CBN) with verification of their respective depositors. This was disclosed in a release signed by the Director, Claims Resolution Department of the Corporation, Mrs. Nurat Ajigbewu. 

According to the NDIC, the CBN revoked the operating licences of the failed MFBs with effect from Thursday 12th November, 2020. Consequently, the Corporation as the official liquidator of the banks commenced the process of closure and payment of insured sums to verified depositors of the banks. In carrying out this mandate, the Corporation has requested all depositors of the closed banks to visit the respective banks' addresses from Monday 21st - Thursday 24th December, 2020 where NDIC officials would be on ground to verify their claims. 

The release listed the affected MFBs as Hedgeworth MFB, Future Growth MFB, Bagwai MFB, Ere City MFB, Cafon MFB, Akcofed MFB and Gufax MFB. Others are Partnership MFB, CB MFB, Onima MFB, Hometrust (Nations) MFB, Ringim MFB, Bigthana MFB, Rogo MFB, Makoda MFB, Takai MFB, Bebeji MEFB, Ajingi MFB, Garko MFB, Kangiwa MFB, Augie MFB and Mopa MEB. Also on the list are Solid Base MFB, Ultimate Benefit MFB, Ovidi MFB, Kirfi MFB, Credit Express MFB, King Solomon MFB, Riggs MFB, Billionaire Blue Bricks MFB, Susu MFB, Wealthstream MFB, Aguda Titun MFB, Sapphire MFB, Metro MFB, Mountain Top MFB, Unyogba MFB, Wapo MFB, Ibogun MFB, Korede MFB, Ahetou MFB and Fufore MFB. 

The Corporation requested eligible depositors to visit the banks' locations with proof of account ownership such as passbook and cheque book as well as valid means of identification to enhance their verification.

Related News

1. CBN Releases Framework for the Operation of the NIRSAL MfB Window of the N-YIF
2. CBN Extends Deadlines for Compliance With The Revised Minimum Capital Requirements for MFBs
3. CBN Releases Exposure Draft of the Guidelines for the Regulation and Supervision of MFBs in Nigeria
4. CBN Publishes Lists of Licensed Finance Companies, DMBs, PMBs, MFBs and BDCs As At Dec 31st, 2019
5. How Nigerian MFBs Use Digital Strategies To Deepen Financial Inclusion
6. Digital Technology Will Enhance MFB Operations in Nigeria - Victor Mba
7. CBN Publishes Lists of Licensed Finance Companies, DMBs, MFBs and BDCs As At Sept 30, 2019
8. CBN Directs MFBs To Implement Resolutions On The Revised National Financial Inclusion Strategy