The Central Bank of Nigeria on Tuesday revoked the operating licenses of 132 microfinance banks in the country, 2 of which are based and operational in Kwara State.

This was disclosed in the official gazette of the Federal Government, which was published on the website of the CBN on Tuesday.

The gazette stated that the licenses of the financial institutions were revoked because they ceased to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months.

The banks also failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.

The CBN Governor, Godwin Emefiele, according to the document revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

The Kwara State based Microfinance Bank includes Apeks Microfinance Bank and Omu-Aran Micro finance Bank, both located in Kwara Central and Kwara South Senatorial District of the State respectively.

Other affected microfinance banks include – Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.