CBN Ceases Operating License Of 9 Micro Finance Banks


The National Association of Micro Finance Banks on Monday said that 9 out of the 34 micro finance banks in Niger State have lost their operational banking licences.
These micro-finance banks lost their licences because they fell short during the regulatory exercise carried out by the Central Bank of Nigeria.

North Central Secretary of the association, Mr. Sado Daniel, said that non adherence to corporate governance contributed to the collapse of the banks, urging the management and staff members of the new bank to adhere strictly to the rules establishing it.

Photo Credit: Getty

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