Recapitalisation drive pushes Microfinance banks’ assets to N856.3bn

Three premium banks raked in N65bn gain on stocks in May

Recapitalisation drive pushes Microfinance banks’ assets to N856.3bn     The total assets of the microfinance banks rose by N97.32bn from N758.98 billion as of the end of July 2020 to N856.3 billion as of the end of September 2020 as the firms move to achieve their recapitalisation requirements. This was contained in a report by the Central Bank of Nigeria (CBN) on ‘Microfinance banks’ account (2SR) Assets’ quarterly bulletin obtained by our correspondent on Wednesday. According to the report, the figure stood at N819.77 billion as of the end…

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NDIC: 42 microfinance banks lose operating licences

42 microfinance banks lose operating licences

NDIC: 42 microfinance banks lose operating licences   The Central Bank of Nigeria (CBN) has revoked the operating licences of 42 microfinance banks in the country. The Nigeria Deposit Insurance Corporation (NDIC) disclosed this recently in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’. It stated, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit…

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