The Central Bank of Nigeria (CBN) revokes the licenses of 139 microfinance and primary mortgage banks.
This action, according to a gazette of the federal government, is to strengthen the Nigerian financial sector.
The revocation of licenses is a result of a thorough review and assessment of the financial health and operational efficiency of the affected microfinance and primary mortgage banks, the document said.
The CBN, as the apex regulatory body for banks in Nigeria, is entrusted with the responsibility of ensuring the stability and soundness of the financial system.
The revocation of licenses can be attributed to various factors, including non-compliance with regulatory guidelines, inadequate capitalization, weak corporate governance practices, and persistent financial distress.
