Connect with us

Banking

NAMB Directs MFBs to Update Recapitalisation Status 

Published

on

Microfinance Banks

By Adedapo Adesanya

The National Association of Microfinance Banks (NAMB) has directed all licensed Microfinance Banks (MFBs) nationwide to update it on their recapitalisation status for assessment and follow-up actions with the regulatory authorities.

This was disclosed by the Executive Secretary of the association, Mr Shikir Caleb, after the Central Bank of Nigeria (CBN) revoked the licences of 179 banks for not adhering to regulations.

The central bank had said that it revoked the MFBs licences due to failure to fulfil or comply with the conditions subject to which their licences were granted.

The apex bank said the banks were sanctioned because they failed to comply with the obligations imposed upon them by the apex bank in accordance with the provisions of Banks.

Now, NAMB said that the latest decision was taken in Abuja at an emergency meeting of the leaders of the NAMB after vigorous deliberations on the latest licence revocation action of many MFBs by the CBN.

According to NAMB, the meeting had in attendance the Board of Trustees, the Past Presidents, and members of the National Working Committee.

The association said that the meeting had its main agenda the revocation of the licences of the affected MFBs and how to proactively forestall future negative occurrences in the MFB sub-sector of the financial system.

“Following the review and deliberations on the licence revocation matter, the top leaders of the NAMB directed that the various state chapters should categorize the affected micro lenders into MFBs that have fully re-capitalised but yet to be approved by CBN.

“MFBs that have not been fully re-capitalised but had ongoing discussions for funding; MFBs that were yet to re-capitalise; and MFBs that have long closed shop,” it said.

According to the statement, the leaders further advised any MFB that had fully re-capitalised but yet to be approved by CBN to present its submissions to the Secretariat with a summary of its recapitalization status as of date.

It was also disclosed that leaders also agreed that the association would review the submissions and have a meeting with all MFBs this Thursday (June 1) in Abuja “with a view to collating all submissions for engagement with the management of CBN.”

Commenting on the licence revocation, the NAMB National President, Mr Joshua Ukute, rued the ugly development and promised that the “leadership of the association would continue to intensify its self-regulation activities in all MfBs nationwide to forestall this type of occurrence.

“We have also mandated the Secretariat of the NAMB to do more by enlightening the public, especially all stakeholders in the association’s financial inclusion drive value-chain with the aim of building confidence in the microfinance Bank sub-sector of the financial system.

“As you all know, the MFBs have, over the years, remained at the forefront of the financial inclusion strategy agenda’s implementation.

“And, they will continue to do their best to deepen financial services, especially in remote communities that the big players are not ready to go,” he added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Advertisement
1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Banking

Applications Open for GTCO ‘Take on Squad’ Hackathon 3.0

Published

on

Squad logo

By Dipo Olowookere

Tech enthusiasts interested in participating in the Take on Squad Hackathon, organised by Guaranty Trust Holding Company (GTCO) Plc, can now enter the contest via the official portal at https://squadco.com/hackathon.

The programme enters its third edition in 2026, and the theme for this year is Smart Systems: The Intelligent Economy, according to a statement issued by the organisers.

The hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors, including financial services, healthcare, commerce and digital inclusion.

Participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.

It is part of the organisation’s commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.

 “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve.

“Through Take on Squad Hackathon, we are deliberately investing in the ideas and talent that will define the future.

“Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact.

“This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress,” the Managing Director of HabariPay, Ms Eduofon Japhet, stated.

The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.

Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.

Continue Reading

Banking

Easter: Ecobank Assures Customers Uninterrupted Banking Services

Published

on

Ecobank Remodel branches

By Dipo Olowookere

Banking services will not be interrupted throughout the Easter public holidays, from Friday, April 3, to Monday, April 6, 2026, for any reason, Ecobank Nigeria has assured its customers.

In a message over the weekend, the member of Africa’s leading pan-African banking group, Ecobank Transnational Incorporated, said customers would continue to enjoy quality service delivery during the period.

It noted that its secure and robust digital platforms would remain fully operational to support financial activities during the festive period.

All digital channels, including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point agent locations nationwide, will remain accessible throughout the holiday, the financial institution further said, urging customers to conveniently conduct transactions at any time using this wide range of digital solutions.

Ecobank customers were encouraged to maximise the bank’s alternative channels for transfers, bill payments, airtime purchases, card services, and account management.

They were also advised to stay vigilant by shopping only on trusted websites; avoiding the sharing of PINs, passwords, and one-time passwords (OTPs); refraining from banking on public Wi-Fi networks; being cautious of urgent or emotionally charged messages; and regularly monitoring their account activity.

“Customers will continue to enjoy a full bouquet of services during the holiday, including local and international funds transfers, bill payments, airtime top-ups, merchant payments, balance enquiries, account statements, and cardless cash withdrawals via ATMs,” the Head of Products & Analytics, Consumer & Commercial Banking at Ecobank Nigeria, Mr Victor Yalokwu, stated.

“We understand that festive seasons come with increased financial activity, and our priority is to ensure our customers enjoy fast, reliable, and secure banking wherever they are.

“Our digital channels are designed to support uninterrupted transactions, and we have strengthened our systems to guarantee optimal performance throughout the Easter break,” he added.

Mr Yalokwu noted that, “Ecobank remains committed to providing innovative financial solutions and exceptional customer service. We wish all our customers and partners a peaceful and joyful Easter celebration.”

Continue Reading

Banking

Polaris Bank to Limit Access to VULTe for Four Days

Published

on

Polaris Bank Fashion Souk

By Dipo Olowookere

Customers may have difficulty accessing the digital platform of Polaris Bank, known as VULTe, during the Easter holidays from Friday, April 3, to Monday, April 6, 2026.

This is because the financial institution is carrying out system maintenance on the platform in its effort to ensure users enjoy a better banking experience.

In a notice over the weekend, the lender said “access to VULTe may be limited,” but it provided an alternative, which is the PolarisXperience.

Polaris Bank, which expressed regret over “any inconvenience” this action may cause its customers, said the “scheduled system maintenance” would happen from 10 pm to 8 am daily, promising that normal service would return after the maintenance.

“In continuation of our commitment to delivering a seamless and improved banking experience, we will be conducting a scheduled system maintenance during the Easter holidays.

“During this period, access to VULTe may be limited. We have provided an alternative channel, PolarisXperience:

“Please go to our website to onboard or use it as an existing user. You can also use this link: (https://elogin.polarisbanklimited.com).

“We regret any inconvenience and appreciate your understanding. Normal service will resume after the maintenance,” parts of the notice seen by Business Post read.

Continue Reading

Trending