30 results
- 23 May 2023
CBN Revokes Licences of 132 Microfinance Banks, Others
Central Bank of Nigeria (CBN) has revoked the operating licences of 132 microfinance banks, four primary mortgage banks, and three finance companies in the country. The revocation exercise was…
- 15 Jan 2026
Paystack Buys Microfinance Bank, Enters Nigeria Banking Arena
Paystack, the Nigerian fintech company backed by global payments giant Stripe, has made a strategic entry into the regulated banking space in Nigeria with the acquisition of Ladder Microfinance Bank,…
- 14 Nov 2023
Interswitch System Glitch: Court Orders Freezing of Accounts in 54 Banks
Justice Peter Lifu (JP) of a Federal High Court sitting in Lagos has granted an order freezing some accounts in about 54 financial institutions in the country where alleged funds from Interswitch…
- 24 Oct 2018
CBN Hikes Capital Requirements for Microfinance Banks
Central Bank of Nigeria (CBN) has increased the capital requirements for microfinance banks in the country in a bid to tackle the challenge of inadequate capital base in the sub-sector. The…
- 15 Sept 2010
LASG Commits 1.3 Bn to MFB
The Lagos State Government has committed 1.3 billion to the Lagos State Micro-Finance Institution (LASMI) as it seeks to help people in the state utilize emerging opportunities to improve their…
- 21 Aug 2019
NSE Delists Skye Bank, Fortis Microfinance Bank
Two companies formerly trading their shares on the floor of the Nigerian Stock Exchange (NSE) have finally been delisted from the platform. The two affected firms are Skye Bank Plc and Fortis…
- 7 Jan 2017
BoI Disburses N3.1Bn to 14 Microfinance Banks
The Bank of Industry (BoI) says it disbursed N3.1 billion to 14 microfinance banks under its Bottom of Pyramid (BOP) scheme. The scheme is among others designed to enhance the financial inclusion of…
- 28 Jan 2026
Kuda MFB Secures National Microfinance Banking Licence, Sets Stage for Nationwide Growth
Kuda Microfinance Bank (Kuda MFB) has received a license from the Central Bank of Nigeria (CBN) to operate as a National Microfinance Bank, which means that it can now have a physical presence across…
- 7 Sept 2009
Panic Withdrawals Hit Microfinance Banks
While the banking halls of the “shaky” banks remain calm, panic withdrawals have hit most microfinance banks (MFBs) in Lagos as depositors besiege their counters for their deposits,…
- 27 Aug 2024
NDIC Plans to Liquidate 87 Microfinance Banks, Others
Nigerian Deposit Insurance Corporation (NDIC) will at the expiration of its notice released on August 23, 2024, approach a federal high court to grant the order to dissolve 87 microfinance banks and…
- 1 Jul 2017
Microfinance Banks Loans to MSMEs Hit N214Bn — CBN
Central Bank of Nigeria (CBN) on Friday said that total credit granted by Microfinance banks to Micro Small and Medium Enterprises (MSMEs) has hit N214.32 billion as at December 31, 2016. Mrs Tokunbo…
- 15 Aug 2017
Microfinance Banks Grant over N200Bn Loan in 2016
Mr Rogers Nwoke, newly elected President of the National Association of Microfinance Banks (NAMB), yesterday said microfinance banks in the country granted loan worth N214.32 billion as at December…
- 19 Aug 2024
Elumelu Unwraps Ucee Microfinance Bank
Tony Elumelu, chairman, United Bank for Africa (UBA), has launched Ucee Microfinance Bank (MFB), a subsidiary of United Capital Plc, Africa’s leading investment bank and financial services group.…
- 24 Aug 2025
FBNQuest Merchant Bank Facilitates Landmark ₦5Bn Commercial Paper Programme for Accion Microfinance Bank
FBNQuest Merchant Bank Limited has reaffirmed its leadership in Nigeria’s capital markets by serving as Exclusive Arranger and Dealer for Accion Microfinance Bank Limited’s debut ₦5.0 billion…
- 8 Apr 2021
NAMB Seeks Extension of Recapitalisation Deadline for Microfinance Banks
Yusuf Gyallesu, national president of the National Association of Microfinance Banks (NAMB), has asked Central Bank of Nigeria (CBN) to extend the recapitalisation deadline given to the banks. In the…
- 20 Aug 2021
CBN Bans Microfinance Banks from FX Transactions
Central Bank of Nigeria (CBN) has banned microfinance banks operating in the country from carrying out foreign exchange transactions. In a circular titled Cessation of Non-Permissible Activities by…
- 13 Jul 2022
PatrickGold Microfinance Bank Launches Digital Banking Platform
One of the fastest growing financial institutions in Nigeria, PatrickGold Micro Finance Bank, has launched a digital banking platform, GetriPay, to promote the ease of financial transactions for its…
- 1 Jul 2026
CBN Cracks Down, Revokes Licences of 46 Microfinance Banks
Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country with effect from July 1, 2026. The apex bank announced the decision in a statement…
- 8 Oct 2021
Carbon Microfinance Bank Introduces Visa Debit Cards
Carbon Microfinance Bank has launched fully digital banking service that allows customers to open a bank account, own Visa debit cards, enjoy 15.5% on savings and buy now, pay later at 0% interest.…
- 6 Apr 2010
Over 125 Microfinance Banks to Begin e-Payment on Remita
SystemSpecs and Maxim-Pro have signed a Memorandum of Understanding to integrate Remita e-Payment platform and MaxiSoft banking application. The agreement is expected to boost the Nigerian e-Payment…
- 20 Dec 2020
Panic as CBN Revokes Licenses of 42 Microfinance Banks
Central Bank of Nigeria (CBN)has revoked the licenses of 42 microfinance banks in the country and has subsequently closed them with many depositors apprehensive. Mr. Godwin Emefiele, CBN governor The…
- 25 Nov 2015
AfDB, LAPO Microfinance Bank Sign Loan Agreement
The African Development Bank Group (AfDB) and LAPO Microfinance Bank Ltd. signed a loan agreement for Nigerian Naira 2.364 billion (approximately US $12 million) to support inclusive growth in…
- 31 Oct 2017
Letshego MFB Bags ‘Excellence in Microfinance Banking’ Award
By peter oluka Letshego MicrofinanceBank, a subsidiary of Letshego Holdings Limited has been honoured with the ‘Excellence in Microfinance Banking’ award at the New Age Banking Summit 2017 which was…
- 28 Jan 2015
IFC Invests in Lafayette Microfinance Bank to Expand Access to Finance for SMEs
IFC, a member of the World Bank Group, yesterday announced a loan facility of 400million Nigerian naira approximately $2.5 million, to Lafayette Microfinance Bank. The financing will support…
- 14 Jul 2008
Senator Nwaogu for Microfinance Bank Technology
Senator Nkechi Nwaogu, Senate committee chairman on banking is expected to be part of the dignitaries that will grace the forth-coming Microfinance Bank Technology Forum being organized by foremost…
- 14 Jul 2008
Senator Nwaogu for Microfinance Bank Technology
Senator Nkechi Nwaogu, Senate committee chairman on banking is expected to be part of the dignitaries that will grace the forth-coming Microfinance Bank Technology Forum being organized by foremost…
- 15 Oct 2018
BFL Microfinance Bank Sues CBN Over Licence
The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for “illegally” revoking its operating licence. The bank, in the originating summons filed at the Federal…
- 7 Jun 2019
Microfinance Bank for Education Debuts in Nigeria
The first ever education finance bank, known as ‘Edfin’ Microfinance Bank, MfB, has made its debut in order to increase access to finance in the education eco-system. Mrs. Bunmi Lawson, Managing…
- 19 Jul 2017
Inlaks, CBN to Provide Solution for All Microfinance Banks
Inlaks, Financial Technology (Fintech) solutions provider in Nigeria and Sub-Saharan Africa is partnering with the Central Bank of Nigeria (CBN) to deploy a single core and agent banking solution for…
- 7 Jan 2026
Kuda Microfinance Bank Releases 'My Year on Kuda' 2025 Financial Recap
Kuda Microfinance Bank has unveiled the 2025 edition of "My Year on Kuda," its annual recap providing customers with personalised insights into their spending, saving, and money management habits…