Credit Ratings Can Prevent Microfinance Bank Failures
By Oluwakemi Kindness Independent credit ratings can help identify weaknesses in microfinance banks before they lead to institutional failure. This is according to DataPro in it August Rating Brief, which examines the lessons from the Central Bank of Nigeria’s recent revocation of the operating licences of 46 microfinance banks. The publication said the regulatory action […]
NDIC Begins Payout as CBN Shuts 46 Microfinance Banks
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has begun the process of paying insured deposits to customers of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN). The NDIC in a statement on Wednesday by Hawwau Gambo, Head, communication and public affairs, NDIC, says it has taken […]
CBN Revokes Licences of 46 Microfinance Banks
By Oluwakemi Kindness The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks for failing to meet regulatory requirements, in a move aimed at strengthening the stability of Nigeria’s financial system. According to a statement on Wednesday by Hakama Sidi-Ali, Acting Director, CBN’s Corporate Communications Department, the revocation takes effect […]