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Depositors, Others Panic as CBN Revokes Licence of 42 Microfinance Banks

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Microfinance Banks

By Modupe Gbadeyanka

The financial system in Nigeria has again been thrown into disarray with the shutting down of 42 microfinance banks across the country.

The operating licence of the affected small lenders was revoked by the Central Bank of Nigeria (CBN), the main regulator of the banking sector in the country.

Already, depositors, shareholders and the creditors of the financial institutions closed by the CBN are in a panic mode because of the experiences of victims of other banks shut by the regulator.

But the Nigeria Deposit Insurance Corporation (NDIC), which acts as the official liquidator of the banks whose licenses were recently cancelled, has assured depositors of the part payment of the money if it is within the limit it can pay.

The agency, in a statement, disclosed that it was already “in the process of closing the listed banks and pay their insured depositors.”

In view of this, it has asked “all depositors of these banks [to] visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, December 21, 2020, till Thursday, December 24, 2020.

The affected banks are:

S/N BANK ADDRESS
1 HEDGEWORTH MFB GUOBA PLAZA SUITE B06, – 171, A.E. EKUKINAM STREET, BY CHISCO, UTAKO, ABUJA
2 FUTURE GROWTH MFB REAL TOWER PLAZA, PLOT 1121 OBAFEMI AWOLOWO WAY, UTAKO, ABUJA
3 BAGWAI MFB BAGWAI-SHANONO ROAD, BAGWAI LGA, KANO
4 ERE CITY MFB ERE-IJESHA/IIIAHUN ROAD, ERE-IJESHA, ORIADE LGA, OSUN
5 CAFON MFB GARKI POLICE BARRACKS, GARKII, FCT, ABUJA
6 AKCOFED MFB EKIT ITAM II (BESIDE WATER BOARD), P. O. BOX 2048, UYO, AKWA-IBOM STATE
7 GUFAX MFB N0. 3 UDOTUNG UBO STREET UYO, AKWA IBOM STATE
8 PARTNERSHIP MFB 107 UPPER IWEKA ROAD, ONITSHA, ANAMBRA STATE
9 ICB MFB IIIAH-ASABA ROAD, OSHIMILI NORTH LGA, IIIAH, DELTA STATE
10 ONIMA MFB NIPOST BUILDING, EKEOCHA ONICHA, EZINIHITTE MBAISE LGA, IMO STATE
11 HOMETRUST (NATIONS) MFB 76, ORLU ROAD, NKWERE, IMO STATE
12 RINGIM MFB OPP. RINGIM CENTRAL MARKET, RINGIM, JIGAWA STATE
13 BIGTHANA MFB 6, ALI AKILU ROAD, KADUNA
14 ROGO MFB ROGO TOWN, ROGO LGA, KANO STATE
15 MAKODA MFB NO 15, KOGUNA TOWN, MAKODA LGA, KANO
16 TAKAI MFB TAKAI TOWN, TAKAI LGA, KANO STATE
17 BEBEJI MFB NO. 10 GIDAN IYAN, BEBEJI TOWN, BEBEJI L.G.A., KANO STATE
18 AJINGI MFB NO. 10 HAKIMI STREET, AJINGI TOWN, AJINGI LGA, KANO STATE
19 GARKO MFB 3, GARKO TOWN, KANO
20 KANGIWA MFB KANGIWA TOWN, KANGIWA LGA, KEBBI STATE
21 AUGIE MFB AUGIE TOWN, AUGIE LGA, KEBBI STATE
22 MOPA MFB SILAS BAMIDELE DANIYAN HOUSE, KABBA-ILORIN ROAD, MOPA, KOGI-STATE
23 SOLID BASE MFB EKIRIN ADDE, IJUMU LGA, KOGI STATE
24 ULTIMATE BENEFIT MFB 150C, OKENE KABBA ROAD, LOKOJA, KOGI
25 OVIDI MFB NO. 1, ATTA ROAD, OKENE, KOGI STATE
26 KIRFI MFB KIRFI TOWN, KIRFI LGA, BAUCHI
27 CREDIT EXPRESS MFB 27, KAKAWA STREET, LAGOS
28 KING SOLOMON MFB GOD BLESS NIGERIA HOUSE, 117/119, WETSERN AVENUE, IPONRI, LAGOS
29 RIGGS MFB PLOT 5, IMAN ABIB ADETORO STREET, OFF AJOSE ADEOGUN STREET, V.I., LAGOS
30 BILLIONAIRE BLUE BRICKS MFB APERIN HOUSE (2ND FLOOR) BLOCK I, PLOT 27, BUDO LAYOUT AJIWE, LEKKI EPE EXPRESSWAY, AJAH, LAGOS STATE
31 SUSU MFB 34, COMMERCIAL AVENUE SABO, YABA, LAGOS
32 WEALTHSTREAM MFB AQUARIUS BLOCK, ELEGANZA PLAZA, GROUND FLOOR, LEFT WING 1 COMMERCIAL ROAD, APAPA, LAGOS
33 AGUDA TITUN MFB 21, SHONOLA STREET, AGUDA TITUN, OGBA, LAGOS
34 SAPPHIRE MFB 111, ABAK ROAD, UYO, AKWA IBOM STATE
35 METRO MFB 15, OTUNUBI STREET, OFF HARUNA, OGBA, IKEJA, LAGOS
36 MOUNTAIN TOP MFB PROGRESS BLOCK, SHOP A102, AFRICAN TYRE VILLAGE, OPP. APT TRADE FAIR COMPLEX, LAGOS/BADAGRY EXPRESS WAY, LAGOS
37 UNYOGBA MFB 1, ALOMA ROAD, OPP. MKT. SQ., EJULE, OFU LGA, KOGI STATE
38 WAPO MFB OKENE-LOKOJA ROAD, NAGAZI, ADAVI LGA, OKENE, KOGI STATE
39 IBOGUN MFB IBOGUN EGBEDA, IFO LGA, OGUN STATE
40 KOREDE MFB NO. 3, LUWOYE STREET, IGBOTAKO, ONDO STATE
41 AHETOU MFB 26, EREMA ROAD, BYEPASS, AKABUKA, OGBA/EGBEMA/NDONI LGA, RIVERS STATE
42 FUFORE MFB NO. 25 GURIN ROAD, FUFORE LGA, ADAMAWA, YOLA STATE

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

Standard Chartered Launches Gold Income Fund for Investors in Nigeria, Five Other Markets

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Standard Chartered Bank Nigeria

By Adedapo Adesanya

Standard Chartered has launched its ninth sub-fund under its Variable Capital Company (VCC) platform, partnering with Allianz Global Investors (AllianzGI) as the sub-manager to provide eligible clients with access to a gold-focused investment strategy.

The new Signature Select Enhanced Gold Income Fund combines exposure to gold with an enhanced income-generation strategy. The fund invests in gold exchange-traded funds (ETFs) and uses a covered call strategy to seek regular income while allowing investors to participate in the potential long-term appreciation of gold.

Standard Chartered said gold could help diversify investment portfolios because of its relatively low correlation with traditional asset classes and its potential to provide resilience during periods of geopolitical, monetary and market uncertainty.

The fund is available from this month to Accredited and Professional Investors across the Bank’s Priority, Priority Private and Private Banking segments in Hong Kong, Singapore, the United Arab Emirates, Jersey, Kenya and Nigeria. Taiwan is expected to be added later in 2026.

AllianzGI, which has more than 700 investment professionals globally as of March 31, 2026, will provide investment management expertise for the fund.

Its Global Multi Asset Team will be responsible for options selection and the day-to-day management of the portfolio, drawing on its experience in portfolio construction, derivatives implementation, risk management and multi-asset investing across different market cycles.

Mr Sumeet Bhambri, Global Head, Advisory and Managed Investments, Wealth Solutions, Standard Chartered, said the partnership with AllianzGI would strengthen the bank’s latest VCC fund and provide clients with a differentiated investment strategy.

“As clients seek greater diversification amid an increasingly uncertain market environment, the fund provides access to a differentiated strategy that combines gold’s portfolio diversification benefits with enhanced income potential,” Mr Bhambri said.

He added that the launch reflected Standard Chartered’s commitment to expanding its wealth platform through strategic partnerships and delivering innovative investment solutions to clients.

On his part, Mr Marc Gualandi, Head of Global Banks at Allianz Global Investors, said the fund was designed to give investors exposure to gold’s long-term value proposition while generating income through an active options strategy.

“We believe gold can play an important role as a long-term allocation within a well-diversified portfolio,” Mr Gualandi said.

He said AllianzGI would leverage its expertise in income strategies, portfolio construction and risk management to help investors pursue income and long-term portfolio resilience.

Standard Chartered established its VCC platform in June 2024 to combine the expertise of leading fund managers with its global asset-class specialists and provide clients with access to customised investment strategies.

The latest launch brings the total number of sub-funds on the platform to nine and marks Standard Chartered’s fourth fund launch in 2026.

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Banking

Sewa Capital Invests in Mathesis Analytics to Expand AI-Powered Credit Infrastructure

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Mathesis Analytics

By Modupe Gbadeyanka

Sewa Capital Investment, an investment banking and financial advisory firm focused on supporting high-growth businesses across Africa, has made a strategic investment in Mathesis Analytics, a Nigerian financial technology company providing Artificial Intelligence (AI)-powered credit decisioning infrastructure.

The investment is expected to support Mathesis Analytics’ expansion drive for its AI-powered credit infrastructure in Nigeria.

Currently, Nigerian lenders face a critical structural gap: the fragmentation of verifiable consumer data makes it difficult to accurately price risk at scale. Mathesis directly addresses this bottleneck by aggregating disparate transactional and behavioural data into a real-time measure of creditworthiness.

The investment will support product development, institutional integrations, expansion of Mathesis’ lender network, and the strengthening of its data and technology infrastructure, a statement from the fintech firm stated.

By embedding this infrastructure, financial institutions can expand underwriting capacity, support more accurate risk-based lending decisions, and reach new market segments without compromising established risk thresholds.

For Mathesis Analytics, this investment represents an important milestone in its strategy to build Africa’s next-generation credit infrastructure to drive true financial inclusion.

Mathesis has already supported more than 8 million loans for over 2 million unique borrowers in Nigeria, providing a substantial operating base from which to deepen institutional adoption and expand into additional markets.

The company will leverage Sewa Capital’s backing to accelerate the expansion of its institutional footprint.

“At Sewa Capital, we are interested in businesses building the infrastructure that enables African economies to allocate capital more efficiently and inclusively.

“Mathesis Analytics is addressing a fundamental constraint in credit markets: the information gap that limits lenders’ ability to assess risk confidently.

“Its technology has the potential to expand responsible access to credit in Nigeria and, over time, across Africa. We are pleased to support the team through its next phase of growth,” the Managing Director of Sewa Capital, Ms Angela Jide-Jones, commented.

The chief executive of Mathesis Analytics, Mr Winston Osuchukwu, in his reaction, said, “Credit inclusion begins with information visibility.

“Partnering with Sewa Capital accelerates the rollout of our infrastructure; equipping a wider network of lenders with the capabilities required to accurately evaluate risk and ultimately deliver credit services to previously excluded populations across the continent.”

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Banking

Entries Open for Second CBN Regulatory Sandbox

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CBN regulatory sandbox

By Aduragbemi Omiyale

Eligible innovators, financial institutions, Virtual Asset Service Providers (VASPs), financial technology (fintech) companies, and technology firms have been invited to apply for the second cohort of the Central Bank of Nigeria (CBN) Regulatory Sandbox Programme.

A statement signed by the acting Director of Corporate Communications and Investor Relations Department of the apex bank, Mrs Hakama Sidi-Ali, disclosed that entries opened on Wednesday, August 12, 2026, and will close on Monday, August 31, 2026.

Cohort 2 of the initiative introduces two dedicated testing tracks to support emerging technologies with the potential to strengthen Nigeria’s financial system while upholding high standards of consumer protection, financial stability, and market integrity.

According to the central bank, the two tracks are VASP and Data-Enabled Financial Services (Non-VASP).

VASP track is to support innovative virtual asset, stablecoin, payment, settlement, custody, wallet, and related financial infrastructure solutions that require supervised live testing, while the non-VASP track supports innovations that leverage secure digital infrastructure and permission-based data sharing to improve financial inclusion, payments, credit, risk management, operational efficiency, and consumer outcomes.

The CBN Regulatory Sandbox provides a controlled environment in which eligible participants may test innovative financial products, services, business models, and enabling technologies under the supervision of the CBN.

The programme enables the CBN and innovators to engage constructively throughout the testing process, supporting regulatory learning while encouraging responsible innovation that benefits consumers and the wider financial system.

Eligible organisations whose proposed innovations fall within the programme’s scope are encouraged to apply.

Applications will be assessed based on the level of innovation, readiness for controlled live testing, potential consumer or market benefit, governance arrangements, risk management capability, and the suitability of the proposed testing plan.

Successful participants will undertake supervised testing within clearly defined parameters agreed with the CBN, including appropriate safeguards for consumer protection, operational resilience, cybersecurity, and regulatory reporting.

The central bank emphasised that participation in the scheme does not constitute a licence, authorisation, or approval to operate outside the approved testing parameters.

It noted that the Sandbox is intended to facilitate responsible experimentation, strengthen regulatory engagement, and support evidence-based policy development in line with the CBN’s statutory mandate.

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