- A complete list of failed microfinance banks with offices across the country has been revealed
- The Central Bank of Nigeria shut down the microfinance banks after they failed to meet its requirements
- Microfinance banks offer banking services to low-income individuals or groups who otherwise would have no other access to financial services
The Central Bank of Nigeria (CBN) has closed down 103 microfinance banks across different parts of the country over the years.
Although the time at which the banks were closed was not provided, it is understood that the decision is part of CBN's efforts to sanitise the financial sector and rid it of non-performing banks that pose a risk to depositors' funds.
CBN initiates such measures in cases where commercial or microfinance banks are discovered to be operating below regulatory standards and cannot fulfil the required conditions to maintain operations.
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The Nigeria Deposit Insurance Corporation which published the list is responsible for safeguarding depositors' funds to prevent losses.
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Location of the failed microfinance banks
The breakdown reveals that Lagos had the highest number of closed microfinance banks, with 31 banks shut down, followed by Abia (4), Abuja (3), Adamawa (1), Akwa Ibom (2), Anambra (7), Bayelsa (2), Cross River (1), Delta (3).
Others are Edo (3), Ekiti (1), Enugu (1), Imo (6), Jigawa (1), Kaduna (2), Katsina (1), Kebbi (2), Kogi (1), Ogun (4), Ondo (1), Osun (1), Oyo (4), Plateau (2), Rivers (5), Sokoto (1), and Taraba (1).
The list of banks
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The complete list of the failed microfinance banks can be found here.
List of 45 failed banks in Nigeria and dates of closure
In another report, Legit.ng revealed that in the last 28 years, approximately 46 commercial and merchant banks have closed down for various reasons.
The banks had their licenses revoked by the Central Bank of Nigeria between 1994 and 2006.
United Bank of Africa and Ecobank took control of the failed commercial banks.
Source: Legit.ng
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