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CBN shuts 46 microfinance banks over regulatory breaches, as NDIC begins process of orderly closure of affected MFBs
Central Bank of Nigeria (CBN) has announced revocation of the operating licences of 46 microfinance banks (MFBs) for failing to comply with key regulatory requirements. This is also as the Nigeria Deposit Insurance Corporation (NDIC) said it has commenced the…
ProvidusUnity Bank announces commencement of unified operations
Fresh from its recent merger deal, the ProvidusUnity Bank has announced official commencement of operations as a single banking institution. The new bank disclosed that it has completed all regulatory approvals, shareholder endorsements and judicial processes required to consummate the business…
FCCPC places 112 loan apps on watchlist over infraction, grants operational licenses to 48 others
Federal Competition and Consumer Protection Commission (FCCPC) has granted full operational approvals to 48 digital loan companies that previously held conditional approval, bringing the total number of fully licensed digital money lenders in Nigeria to 505. This is also as the…
