The Central Bank of Nigeria (CBN) over the weekend published the list of licensed finance companies as at September 30, 2018. Other lists published include: licensed microfinance banks; primary mortgage banks; and the list of bureaux de change in Nigeria as at September, 30, 2018
According to the bank, there are currently 63 licensed finance companies; 882 CBN licensed microfinance banks; 35 primary mortgage banks; and 4,345 bureaux de change in Nigeria as at September, 30, 2018.
It should be recalled that the CBN last month revoked the operational licences of 182 other financial institutions (OFIs) across the country.
In a notice of revocation of licences of 182 Other Financial Institutions (OFIs) obtained from its website, the apex bank listed the financial institutions to include 154 microfinance banks, 22 finance companies and six primary mortgage banks.
Giving reasons for the exercise, CBN explained that 62 of the MFBs have already closed shop, while 73 were insolvent; with 11 terminally distressed, while five voluntarily filed for liquidation.
As for the finance companies, 13 of them failed to recapitalise, eight were on voluntary liquidation and only one was insolvent.
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