On Tuesday, July 25, the House of Representatives called on the Central Bank of Nigeria (CBN) to reinstate the operational licenses of 47 microfinance banks across Nigeria.

Lors de la Plénière, James Barka, Speaker of the House, said the appeal followed the adoption of a motion entitled “Call to investigate the closure of certain microfinance banks across the country.” For him, the CBN revoked the operational licenses of 47 microfinance banks, nationwide, including

Barka also considers that “the reasons cited in the communication include the fact that the banks were either inactive, insolvent, did not file their returns, closed their doors, or stopped carrying out the type of banking business for which they were licensed for more than six months in violation of the Banking Act of 2020 and other financial institutions.”