Massive rush as CBN Closes 103 Failed Microfinance Banks

  • A full list of failed microfinance banks with offices across the country has been revealed
  • The 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 services

The Central Bank of Nigeria (CBN) has closed 103 microfinance banks in different parts of the country over the years.



Although the time for closing the banks has not yet been determined, the decision is understood to be part of CBN’s efforts to clean up the financial sector and rid it of non-performing banks that pose a risk to depositors’ funds.

CBN 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.

Location of the failed microfinance banks The 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).

The complete list of the failed microfinance banks can be found here.

LIST OF MICROFINANCE BANKS CLOSED BY THE CBN

S/N NAME OF MICROFINANCE BANK LOCATION
1 AFAM  MICROFINANCE BANK RIVERS
2 AGBELO  MICROFINANCE BANK EDO
3 AJASE  MICROFINANCE BANK KWARA
4 AKPO-COE  MICROFINANCE BANK RIVERS
5 ALLIANCE  MICROFINANCE BANK ABUJA
6 ALLOVER  MICROFINANCE BANK LAGOS
7 ALSTAR  MICROFINANCE BANK LAGOS
8 AMAZING GRACE  MICROFINANCE BANK OGUN
9 APEX  GOLDEN MICROFINANCE BANK LAGOS
10 ASABARI  MICROFINANCE BANK OYO
11 ASCENT  MICROFINANCE BANK OGUN
12 ATTANWAMBIRI  MICROFINANCE BANK IMO
13 BEULAH  MICROFINANCE BANK LAGOS
14 BIRAIDU  MICROFINANCE BANK KOGI
15 BIRNIN KUDU MICROFINANCE BANK JIGAWA
16 BONNY MICROFINANCE BANK RIVERS
17 BROADBASE MICROFINANCE BANK DELTA
18 CAPITAL BASE MICROFINANCE BANK ADAMAWA
19 CASHJET MICROFINANCE BANK DELTA
20 CHAT MICROFINANCE BANK KADUNA
21 CLASSIC MICROFINANCE BANK OGUN
22 COMMON BENEFIT MICROFINANCE BANK LAGOS
23 CUTTING EDGE MICROFINANCE BANK EDO
24 DIVINE MICROFINANCE BANK RIVERS
25 DOGON DAJI MICROFINANCE BANK SOKOTO
26 DYNAMIC MICROFINANCE BANK LAGOS
27 EBEM-OHA MICROFINANCE BANK ABIA
27 EBENATOR MICROFINANCE BANK IMO
29 ETITI MICROFINANCE BANK IMO
30 EVO MICROFINANCE BANK RIVERS
31 EZIMUZO MICROFINANCE BANK ANAMBRA
32 FESTAC 77 MICROFINANCE BANK LAGOS
33 FREEDOM MICROFINANCE BANK KANO
34 GITICOM MICROFINANCE BANK RIVERS
35 HAZONWAO MICROFINANCE BANK LAGOS
36 HILLTOP MICROFINANCE BANK EKITI
37 HOMELAND MICROFINANCE BANK BAYELSA
38 IC MICROFINANCE BANK LAGOS
39 IDEAL TRUST MICROFINANCE BANK ANAMBRA
40 IFONYIN MICROFINANCE BANK OGUN
41 IHITTE MICROFINANCE BANK IMO
42 IKWUANO MICROFINANCE BANK ABIA
43 INTEGRATED MICROFINANCE BANK LAGOS
44 IPE MICROFINANCE BANK ONDO
45 JEGA MICROFINANCE BANK KEBBI
46 KBS MICROFINANCE BANK LAGOS
47 KERANA MICROFINANCE BANK PLATEAU
48 KFC MICROFINANCE BANK LAGOS
49 MARMARA MICROFINANCE BANK TARABA
50 MIC MICROFINANCE BANK LAGOS
51 MOORGATE MICROFINANCE BANK LAGOS
52 MUNICIPAL MICROFINANCE BANK ABUJA
53 NGAS MICROFINANCE BANK PLATEAU
54 OLOMI MICROFINANCE BANK OYO
55 OLOMOYOYO MICROFINANCE BANK OYO
56 OMNI MICROFINANCE BANK LAGOS
57 OPENGATE MICROFINANCE BANK ABUJA
58 OWENA MICROFINANCE BANK OSUN
59 PET MICROFINANCE BANK RIVERS
60 PRIME MICROFINANCE BANK A/IBOM
61 SAMINAKA MICROFINANCE BANK KADUNA
62 TRINITY MICROFINANCE BANK A/IBOM
63 TRISTAR MICROFINANCE BANK ENUGU
64 UDEZUKA MICROFINANCE BANK ANAMBRA
65 UFUMA MICROFINANCE BANK ANAMBRA
66 UMUNZE MICROFINANCE BANK ANAMBRA
67 URUALLA MICROFINANCE BANK IMO
68 UTUGWANG MICROFINANCE BANK CROSS RIVER
69 ACME TRUST MICROFINANCE BANK LAGOS
70 ADIF MICROFINANCE BANK LAGOS
71 ASAGA-UKWU MICROFINANCE BANK ABIA
72 BRISTOL MICROFINANCE BANK LAGOS
73 CENTURY MICROFINANCE BANK LAGOS
74 CIRCULAR MICROFINANCE BANK EDO
75 CUBIC MICROFINANCE BANK EDO
76 DANMUSA MICROFINANCE BANK KATSINA
77 EKWEMA MICROFINANCE BANK IMO
78 EMBRACE MICROFINANCE BANK BAYELSA
79 EMEVOR MICROFINANCE BANK DELTA
80 FUND EXPRESS MICROFINANCE BANK LAGOS
81 GALAXY MICROFINANCE BANK LAGOS
82 GAMJI MICROFINANCE BANK KEBBI
83 HARBOUR MICROFINANCE BANK ANAMBRA
84 IMPACT MICROFINANCE BANK LAGOS
85 IMPERIAL MICROFINANCE BANK LAGOS
86 INVESTMENT MICROFINANCE BANK ABIA
87 ITELE MICROFINANCE BANK OGUN
88 LALUPON MICROFINANCE BANK OYO
89 MCB MICROFINANCE BANK LAGOS
90 MILESTONE MICROFINANCE BANK LAGOS
91 MUSTASONS MICROFINANCE BANK LAGOS
92 NEW GATE MICROFINANCE BANK LAGOS
93 NEXUS MICROFINANCE BANK NIGER
94 OBIOMA MICROFINANCE BANK ABIA
95 OWHOWHA MICROFINANCE BANK DELTA
96 PRIMATE MICROFINANCE BANK LAGOS
97 SHIMAZ MICROFINANCE BANK OSUN
98 SOUTH WEST IKOYI MICROFINANCE BANK LAGOS
99 STANDEX MICROFINANCE BANK ANAMBRA
100 TOUCHSTONE MICROFINANCE BANK LAGOS
101 UNIQUE MICROFINANCE BANK LAGOS
102 VENTURE SUPPORT MICROFINANCE BANK LAGOS
103 WIZETRADE MICROFINANCE BANK LAGOS

 

The NDIC (Nigeria Deposit Insurance Corporation) is an independent agency of the Federal Government of Nigeria. The purpose of the deposit insurance system is to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.

Source:
legit.ng