A Nigerian man has circulated a comprehensive compilation of 46 microfinance banks whose operating approvals were withdrawn by the Central Bank of Nigeria (CBN). The disclosure, posted on the social platform X (formerly Twitter) by user @profitableman1, has generated significant attention online, prompting many to seek clarity regarding their financial arrangements with the affected institutions.
Full List of Affected Microfinance Banks Shared
In his post, @profitableman1 drew attention to the revocation notice and urged anyone with dealings or funds placed with the listed firms to check their positions and remain watchful. He posted photos containing the full list, including details for each bank such as its name, classification tier, and state location. The message was sent as a public service alert intended to help members of the public respond to the regulatory action without delay.
Banks Spread Across 19 States
According to the material shared, the affected institutions are spread across several parts of the country. Banks from 19 states were among those named, including institutions from Rivers, Abia, Kwara, Niger, Lagos, Kano, Bayelsa, Kebbi, Ogun, Abuja (FCT), Cross River, Oyo, Delta, Anambra, Kaduna, Benue, Ondo, Plateau, and Osun. Some entries also carried notes about former names, indicating that a number of the banks had previously operated under different titles. The classification column showed a mix of Tier 1, Tier 2, and State designations, suggesting variations in the scope and capital requirements applicable to each institution prior to the license withdrawal.
Public Reactions to the Revocation
The development was described as unexpected by many Nigerians who encountered it. Many expressed concern, sought further clarification, and discussed the possible implications for customers, depositors, and investors who might have maintained accounts or commitments with the banks in question.
User @happyatnbpy commented: "Why tiktok recommend me this? What am I supposed to do with this video? I live on another continent."
@STONE said: "So far dem no touch Opay nothing spoil."
@Alade added: "Palmpay suppose dey this list."
@ramejnr1 noted: "If a bank’s license is revoked, your loan does not disappear. The implication depends on what happens to the bank afterward, but in almost all cases, borrowers are still legally required to repay their loans."
@Zunnie asked: "I know I don't have account in micro finance bank but can they still put something to my other bank account linked to my bvn?"
@SHA SHA remarked: "Wow, you guys are loaded oooh!! It’s funny seeing everyone panic. Meanwhile, I don’t have a dime, but happiness is about to kill me!"
Context of CBN License Revocations
The Central Bank of Nigeria periodically revokes licenses of microfinance banks that fail to meet regulatory requirements, including capital adequacy, corporate governance, and operational standards. This action is part of efforts to sanitize the financial sector and protect depositors' funds. The full list of 46 banks serves as a reminder for customers to verify the status of their financial institutions and take necessary steps to safeguard their deposits.
