See list of 103 failed microfinance banks closed by CBN

A full list of failed microfinance banks with offices across the country has been revealedThe Central Bank of Nigeria shut down the microfinance banks after they failed to meet requirements Microfinance banks offer banking service to low-income individuals or groups who otherwise would have no other access to financial servicesThe 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 sanitize the financial sector and rid it of non-performing banks that pose a risk to depositors’ funds.

The 103 closed microfinance banks operate across the country
Photo credit: Pius Utomi Ekpei
Source: FacebookCBN initiates such measures in cases where banks, whether commercial or microfinance, are discovered to be operating below regulatory standards and cannot fulfill the required conditions to maintain operations.

The Nigeria Deposit Insurance Corporation is responsible for safeguarding depositors’ funds to prevent losses.

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Location of the failed microfinance banksThe 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).

Alliance Microfinance Bank – AbujaUdezuka Microfinance Bank – AnambraUfuma Microfinance Bank – AnambraUmunze Microfinance Bank – AnambraIdeal Trust Microfinance Bank – AnambraEzimuzo Microfinance Bank – AnambraHarbour Microfinance Bank – AnambraTrinity Microfinance Bank – Akwa IbomPrime Microfinance Bank – Akwa IbomUrualla Microfinance Bank – ImoAttanwambiri Microfinance Bank – ImoBeulah Microfinance Bank – LagosAllover Microfinance Bank – LagosAlstar Microfinance Bank – LagosApex Golden Microfinance Bank – LagosAscent Microfinance Bank – OgunAmazing Grace Microfinance Bank – OgunClassic Microfinance Bank – OgunCommon Benefit Microfinance Bank – LagosCutting Edge Microfinance Bank – EdoGiticom Microfinance Bank – RiversDivine Microfinance Bank – RiversBonny Microfinance Bank – RiversAfam Microfinance Bank – RiversAkpo-Coe Microfinance Bank – RiversPet Microfinance Bank – RiversSaminaka Microfinance Bank – KadunaChat Microfinance Bank – KadunaJega Microfinance Bank – KebbiGamji Microfinance Bank – KebbiKerana Microfinance Bank – PlateauNgas Microfinance Bank – PlateauTristar Microfinance Bank – EnuguImpact Microfinance Bank – LagosIntegrated Microfinance Bank – LagosOmni Microfinance Bank – LagosMoorgate Microfinance Bank – LagosMilestone Microfinance Bank – LagosGalaxy Microfinance Bank – LagosFund Express Microfinance Bank – LagosCentury Microfinance Bank – LagosLalupon Microfinance Bank – OyoOlomi Microfinance Bank – OyoOlomoyoyo Microfinance Bank – OyoAsabari Microfinance Bank – OyoBiraidu Microfinance Bank – KogiBirnin Kudu Microfinance Bank – JigawaFreedom Microfinance Bank – KanoUbugu Microfinance Bank – DeltaEmevor Microfinance Bank – DeltaBroadbase Microfinance Bank – DeltaThe complete list of the failed microfinance banks can be found here.

List of 45 failed banks in Nigeria and dates of closureIn 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

Source: Legit.ng | Read More