Sidi-Ali said that the action was in accordance with CBN’s powers under sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over multiple regulatory violations, including insolvency,…

Breaking: CBN Revokes Operating Licences of 46 Microfinance Banks Over Regulatory Breaches