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NAMB confirms restoration of 37 MFB licences

The National Association of Micro-finance Banks (NAMB) said on Monday that the Central Bank of Nigeria (CBN) had restored the licences of 37 of the 244 microfinance banks which licences were revoked recently. NAMB President Matthias Umeh told the News Agency of Nigeria (NAN) that the licences were restored because they were mistakenly revoked.

The CBN had on September 24 revoked the licences of 224 micro-finance banks for not meeting individual deadlines set to correct the lapses observed in their operations. Umeh said more of the banks might be reopened because the CBN was looking into their petitions.

“CBN is checking the appeal letters from some of the banks and treating them on merit. Besides, NAMB has appealed to the CBN to take a closer look at the records of the affected banks and restore the licences that ought not to have been revoked,” Umeh said.

He disagreed with a suggestion by some financial experts that a separate body be set up by the government to handle microfinance banking. Umeh said that such a body was not necessary, adding that the CBN had not failed in the exercise of its control over microfinance banks. “Unless the CBN deems it fit to relinquish such a role to another body like in the case of the National Board for Community Banks, I do not see what is wrong with the present arrangement,” he said.


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