The Central Bank of Nigeria on Tuesday revoked the operating licenses of at least 132 microfinance banks in the country.

Four primary mortgage banks and three finance companies were also included.

The apex bank said the Microfinance Banks, Finance Companies and Primary Mortgage Banks have ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months, The Nation reports.

According to reliable sources signed by the CBN Governor, Godwin Emefiele, the affected institutions also failed to fulfil or comply with the conditions subject to which their licences were granted.

Emefiele revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

The microfinance banks include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank; Mainsail Microfinance Bank; Nopov Microfinance Bank; Premium Microfinance Bank and Statesman Microfinance Bank, Igangan Microfinance Bank, Merit Microfinance Bank, and Minna Microfinance Bank.

Others include Igangan Microfinance Bank, Ohon Microfinance Bank; Zikado Microfinance Bank and Taraba Microfinance Bank.

The affected primary mortgage banks are Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

Finance companies whose licenses were revoked are HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited.