The Nigeria Deposit Insurance Corporation (NDIC) has stated that it will soon fully liquidate the licenses of the 132 microfinance banks that were recently revoked by the Central Bank of Nigeria (CBN). During the NDIC 2023 Financial Literacy Day, held at Kano Rumfa College, the Zonal Controller of the Corporation, Alhaji Shehu Usman, confirmed that the apex bank had sent the banks to them for final liquidation.
The CBN had earlier revoked the operating licenses of over 130 microfinance banks in Nigeria, along with the licenses of four primary mortgage banks and three finance companies. The apex bank had cited various reasons for the revocation, including the bank’s failure to fulfil or comply with license conditions and obligations imposed by the CBN.
Commenting on the development, the NDIC Zonal Controller noted that their primary responsibility was to protect and guarantee the financial interests of Nigerians. He added that the NDIC was collaborating with the CBN to ensure the seamless liquidation of the affected banks in line with its mandate.
Speaking on the Financial Literacy Day organized for students, the NDIC boss explained that it had become necessary for students to have a good understanding of financial transactions and how to navigate them. The Corporation was thus teaching students how to operate accounts, including business transaction accounts, so that they would know how to invest their money or save it adequately.
