Jul 20, 2026 · 1 hr 10 min · 7 segments
On this episode, Laolu, Furo, and Nosa discuss the recent revocation of microfinance bank licences by the CBN. Joined by Seun Lanlege, co-founder of Polytope Labs, they explore how Polytope is…
Seun LanlegeGuestNosaHostFuroHostSome notable names there were Sycamore, NowNow, and CreditVille.
Some of these people just got their licenses, so it's interesting to see that they've already been revoked.
I do have...
Some insights, I don't know how much it applies to these guys, that essentially you collect your license.
Perhaps there's not a lot of clarity from CBN, but there's a bunch of reporting that you're expected to start doing pretty much from day one, even if you haven't started using the license.
And if you don't do that reporting, then you're liable to lose your license.
But it's not always... very clear at the point of getting the license.
So I don't know if that applies to these guys in particular, but that's just something to note.
Yeah, any comments?
Yeah.
So at least for those of us on the outside, the CBN doesn't attach the offense to the listed MFB.
They just send a bunch of offenses and then list everybody.
You have to match the offense to the MFB if you have context.
But for this particular case, they listed about five insufficient assets to meet liabilities, closure of operations without the CDN's approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of license approval and failure to maintain minimal minimum capital funds unimpaired by losses so those were the those were the five offenses and then they listed the the 46 MSBs, I think in some cases, some people might have inherited the offense.
Like there was an active thing that an MSB was facing and then you acquired them.
But your acquisition of that MFB doesn't suddenly, you know, resolve the...
It didn't take you back to day one.
Correct.
Uh, I don't know if NOSA has any more context, but some, some of the names here, I happen to know them like on a more personal note.
And I know that they are like running an MFB is not their problem.
So clearly they've inherited somebody else's issues, but
yeah.
Don't they do due diligence when they buy the MFBs?
Some notable names there were Sycamore, NowNow, and CreditVille.
Some of these people just got their licenses, so it's interesting to see that they've already been revoked.
I do have...
Some insights, I don't know how much it applies to these guys, that essentially you collect your license.
Perhaps there's not a lot of clarity from CBN, but there's a bunch of reporting that you're expected to start doing pretty much from day one, even if you haven't started using the license.
And if you don't do that reporting, then you're liable to lose your license.
But it's not always... very clear at the point of getting the license.
So I don't know if that applies to these guys in particular, but that's just something to note.
Yeah, any comments?
Yeah.
So at least for those of us on the outside, the CBN doesn't attach the offense to the listed MFB.
They just send a bunch of offenses and then list everybody.
You have to match the offense to the MFB if you have context.
But for this particular case, they listed about five insufficient assets to meet liabilities, closure of operations without the CDN's approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of license approval and failure to maintain minimal minimum capital funds unimpaired by losses so those were the those were the five offenses and then they listed the the 46 MSBs, I think in some cases, some people might have inherited the offense.
Like there was an active thing that an MSB was facing and then you acquired them.
But your acquisition of that MFB doesn't suddenly, you know, resolve the...
It didn't take you back to day one.
Correct.
Uh, I don't know if NOSA has any more context, but some, some of the names here, I happen to know them like on a more personal note.
And I know that they are like running an MFB is not their problem.
So clearly they've inherited somebody else's issues, but
yeah.
Don't they do due diligence when they buy the MFBs?
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