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Revoking Bank License

(Last Updated On: July 9, 2018)
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CBN threatens to revoke license of banks, operators, agents

CBN threatens to revoke license of banks, operators, agents
The Central Bank of Nigeria (CBN) yesterday directed all banks, mobile money operators, super agents to render their daily returns to the regulatory body, even as it warned that failure to comply may lead to revocation of operating license.

The apex bank said the directive, which would take effect from July 10, 2018 and performed through the Nigeria Inter-Bank Settlement System (NIBSS) Plc., includes Microfinance Banks and Primary Mortgage Institutions that appoint or have agents.

The banks regulatory body in a statement signed by its Director, Banking and Payment System Department, Dipo Fatokun, on Thursday said the transaction data is required daily so as to plot the growth and type of services being offered across the country.

“Pursuant to the decision of the Bankers’ Committee to adopt and implement the shared Agency Network Expansion Fund initiative by the banking industry, aimed at accelerating the bank’s financial programme, the bank hereby issues this regulatory requirement for data rendition for effective monitoring and evaluation purposes.

“All banks (including Microfinance banks and Primary Mortgage institutions) that appoint/have agents, Mobile Money Operators and Licensed Super Agents are hereby directed to render daily returns, through the NIBSS Plc, to the CBN in the mode and template prescribed by NIBSS,” the statement read.

In March 2018, the CBN, deposit money banks, licensed mobile money operators and super agents launched a new initiative, which involves aggressive rollout of 500,000 agent-network to offer basic financial services, in order to extend financial services and reduce about 60 million financially excluded Nigerians by year 2020.

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