Eight days after announcing the revocation of the licences of 182 Primary Mortgage Institutions (PMIs), Micro Finance Banks and Finance House across the country, the Central Bank of Nigeria (CBN), on Thursday, October 4, 2018, released a list of operators supervised by its Other Finance Institutions Department (OFID).
According to the list published on the CBN website, Nigeria now has 882 operational MFBs; 4,345 Bureaux de Change operators; 63 finance houses; and 35 Primary Mortgage Institutions.
The apex bank had on September 26, announced the revocations of the operating licences of 154 MFBs, six PMIs and 22 finance houses (READ MORE).
A breakdown of the existing MFBs showed that 347, or 39.34% of which are based in Lagos; Anambra, 148; Delta, 111; Kano, 108; and Abuja, 101. While Enugu has 66 MFBs; Delta, 54; and Kaduna, 51; Bayelsa is home to six MFBs; followed by Taraba, with seven; Borno, nine; and Gombe, 11.
Also, all of the 35 PMIs, Lagos are Lagos based, with the exception of Abuja, eight; and one each in eight states: Kebbi, Abia, Ogun, Akwa-Ibom, Osun, Jigawa, Delta and Oyo. Most of the single PMIs are state-owned.
Of the 63 Finance houses, three are based in Abuja, and one each in Edo, Kwara and Delta, leaving Lagos with 57.