CBN just revoked the licenses of 46 microfinance banks across Nigeria, effective July 1. Moniepoint, Kuda, and LAPO are NOT among them. They are safe. But the 46 that were shut down served exactly the Nigerians that commercial banks don’t reach; market traders, small business owners, rural communities. CBN’s action is right. Insolvent banks are a risk to depositors. But as usual, the cost falls hardest on the most vulnerable. #cbn #creatorsearchinsights #naija #banking #moneytok
2:01
CBN just revoked the licenses of 46 microfinance banks across Nigeria, effective July 1. Moniepoint, Kuda, and LAPO are NOT among them. They are safe. But the 46 that were shut down served exactly the Nigerians that commercial banks don’t reach; market traders, small business owners, rural communities. CBN’s action is right. Insolvent banks are a risk to depositors. But as usual, the cost falls hardest on the most vulnerable. #cbn #creatorsearchinsights #naija #banking #moneytok
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