The revocation of the licenses of 46 microfinance banks by the Central Bank of Nigeria (CBN) could significantly disrupt access to financial services for rural communities, women, and small businesses. A senior Shariah analyst, Imam Nma Shuaib, raised the concern, lamenting that the decision would significantly affect Kano State unless urgent measures are taken to …
The Central Bank of Nigeria's (CBN) revocation of operating licenses for 46 microfinance banks (MFBs), effective July 1, 2026, is the latest chapter in a decade-long effort to clean up a sub-sector that has long struggled to reconcile its social mandate, extending credit to Nigeria's unbanked and underbanked, with the discipline of prudential banking. Acting …
Dr. George Elombi, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), took questions from Pinnacle Daily and other reporters at a mid-year media roundtable at the Afreximbank African Trade Centre (AATC) in Abuja, which centered on rating agencies and the focus of the bank going forward. Except: Standard & …
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026. CBN said the banks failed to meet regulatory requirements for continued operation. It announced the decision in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali. It …
After benefiting from one-off gains triggered by the naira's sharp devaluation, banks are now returning to a more sustainable growth model built on stronger lending, digital banking and fee-based businesses, Pinnacle Daily analysis shows. An analysis of the audited financial statements of Access Holdings, Zenith Bank, United Bank for Africa (UBA), GTCO and First HoldCo …
Nigeria's biggest banks are increasingly generating income from businesses that have little to do with traditional banking, Pinnacle Daily can report. From pensions and asset management to payment services, insurance brokerage and digital lending, Tier-1 banks are quietly building new revenue streams that are becoming an increasingly important part of their growth strategy. An analysis …
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukoyede, has said that more than 80 per cent of financial crimes in Nigeria are perpetrated through procurement fraud and the use of registered companies. Olukoyede hinted at this while receiving the Board of the Corporate Affairs Commission (CAC), led by its Chairman, …
The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately freeze accounts and assets linked to six individuals and four bureaux de change (BDCs) recently designated under terrorism and terrorism-financing sanctions. In a circular signed by Olubunmi Ayodele-Oni for the Director of the Compliance Department, the CBN …
Jaiz Bank Plc held a virtual Annual General Meeting today where Managing Director/CEO Dr Haruna Musa presented the bank's audited results for the year ended December 31, 2025, before taking questions from the media. Musa highlighted a 19 per cent rise in total assets to ₦1.29 trillion, a 24 per cent jump in customer deposits …
Nigerian financial holding companies may need to raise billions of naira under the proposed new Central Bank of Nigeria (CBN) rules. A report released by Comercio Partners on Friday, June 19, shows that Access Holdings, GTCO and First Holdco face the largest capital shortfalls. The investment research firm stated that the CBN's June 10, 2026, …
