Central Bank of Nigeria (CBN) has seized the operating licences of 42 microfinance banks across the country.

Citynews Nigeria reports that the Nigeria Deposit Insurance Corporation disclosed this in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’.

It stated, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.

“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors.

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“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

The NDIC listed the names and addresses of the affected MfBs.