THE Nigeria Deposit Insurance Corporation (NDIC), is set to revoke licences of 37 microfinance banks (MFBs), due to their inability to meet necessary regulatory conditions. Speaking at an event organised by Babalakin & Co Legal Practitioners, the NDIC Chairman who did not disclose the names of affected MFBs and PMBs said the microfinance banks were listed for closure in the first quarter of 2020. Her words: “The truth of the matter is that most of the MFBs and Primary Mortgage Banks (PMBs) don’t meet our conditions. As at the end of Q1, 37 MFBs were listed for closure. “So, more often like I said, a lot of these MFBs and PMBs don’t meet the conditions which we set to enable us to rescue them,” Sokefun noted.

Source: Nigerian Tribune August 03, 2020 05:26 UTC