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The Central Bank of Nigeria has said 874 microfinance banks have licences to operate in the country.
It listed the names of the MfBs in its report titled ‘List of CBN licensed microfinance banks as at December 7, 2020’.
The CBN recently revoked the operating licences of 42 microfinance banks in the country.
According to the Nigeria Deposit Insurance Corporation, the operating licences of the 42 microfinance banks were revoked by the CBN effective November 12, 2020.
As the official liquidator of the banks whose licences were recently revoked, the NDIC said it was in the process of closing the listed banks and paying their insured depositors.