Joshua Ukute, president of the National Association of Microfinance Banks, has reassured depositors that their money is secure despite the Central Bank of Nigeria (CBN) revoking the operating licence of some microfinance banks.
Ukute stated that the group was coordinating with the regulators and the impacted microfinance institutions for a proper winding down in an interview with Channels Television on Thursday.
“We know that the Central Bank had since 2019 given instruction to microfinance banks to recapitalise and then after, when we came on board a lot of issues about COVID, post-COVID and a lot of other challenging issues,” he said.
