"CBN Closes 31 in Lagos": List of 103 Failed Microfinance Banks in Nigeria Emerges

• A complete 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 its requirements
• Microfinance banks offer banking services to low-income individuals or groups who otherwise would have no other access to financial services

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

Although the time at which the banks were closed was not provided, it is understood that the decision is part of CBN's efforts to sanitise the financial sector and rid it of non-performing banks that pose a risk to depositors' funds.

CBN initiates such measures in cases where commercial or microfinance banks are discovered to be operating below regulatory standards and cannot fulfil the required conditions to maintain operations.

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The Nigeria Deposit Insurance Corporation which published the list 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 list of banks

1. Alliance Microfinance Bank - Abuja
2. Udezuka Microfinance Bank - Anambra
3. Ufuma Microfinance Bank - Anambra
4. Umunze Microfinance Bank - Anambra
5. Ideal Trust Microfinance Bank - Anambra
6. Ezimuzo Microfinance Bank - Anambra
7. Harbour Microfinance Bank - Anambra
8. Trinity Microfinance Bank - Akwa Ibom
9. Prime Microfinance Bank - Akwa Ibom
10. Urualla Microfinance Bank - Imo
11. Attanwambiri Microfinance Bank - Imo
12. Beulah Microfinance Bank - Lagos
13. Allover Microfinance Bank - Lagos
14. Alstar Microfinance Bank - Lagos
15. Apex Golden Microfinance Bank - Lagos
16. Ascent Microfinance Bank - Ogun
17. Amazing Grace Microfinance Bank - Ogun
18. Classic Microfinance Bank - Ogun
19. Common Benefit Microfinance Bank - Lagos
20. Cutting Edge Microfinance Bank - Edo
21. Giticom Microfinance Bank - Rivers
22. Divine Microfinance Bank - Rivers
23. Bonny Microfinance Bank - Rivers
24. Afam Microfinance Bank - Rivers
25. Akpo-Coe Microfinance Bank - Rivers
26. Pet Microfinance Bank - Rivers
27. Saminaka Microfinance Bank - Kaduna
28. Chat Microfinance Bank - Kaduna
29. Jega Microfinance Bank - Kebbi
30. Gamji Microfinance Bank - Kebbi
31. Kerana Microfinance Bank - Plateau
32. Ngas Microfinance Bank - Plateau
33. Tristar Microfinance Bank - Enugu
34. Impact Microfinance Bank - Lagos
35. Integrated Microfinance Bank - Lagos
36. Omni Microfinance Bank - Lagos
37. Moorgate Microfinance Bank - Lagos
38. Milestone Microfinance Bank - Lagos
39. Galaxy Microfinance Bank - Lagos
40. Fund Express Microfinance Bank - Lagos
41. Century Microfinance Bank - Lagos
42. Lalupon Microfinance Bank - Oyo
43. Olomi Microfinance Bank - Oyo
44. Olomoyoyo Microfinance Bank - Oyo
45. Asabari Microfinance Bank - Oyo
46. Biraidu Microfinance Bank - Kogi
47. Birnin Kudu Microfinance Bank - Jigawa
48. Freedom Microfinance Bank - Kano
49. Ubugu Microfinance Bank - Delta
50. Emevor Microfinance Bank - Delta
51. Broadbase Microfinance Bank - Delta

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

List of 45 failed banks in Nigeria and dates of closure

In another report, Legit.ng revealed that in the last 28 years, approximately 46 commercial and merchant banks have closed down for various reasons.

The banks had their licenses revoked by the Central Bank of Nigeria between 1994 and 2006.

United Bank of Africa and Ecobank took control of the failed commercial banks.

Source: Legit.ng