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 Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase of winding down 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) across the country, following their acquisition by new operators under its resolution framework. The move comes after the Central Bank of Nigeria (CBN) revoked the licences of 179 microfinance banks and …
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has revealed plans to launch a microfinance bank and wants the Central Bank of Nigeria (CBN) to grant it an operating licence. Director-General of SMEDAN, Charles Odii, disclosed this during a media parley in Abuja on Wednesday, while unveiling the agency’s five-point agenda for 2026. …
