After CBN Revoked His Microfinance Bank License, CEO Releases Statement, Speaks about Customer Funds
- Babatunde Akin-Moses, the co-founder & CEO of Sycamore, whose microfinance bank license was recently revoked by the Central Bank of Nigeria (CBN), has reacted to the regulatory development
- On July 1, the CBN revoked the operating licenses of 46 microfinance banks over failure to meet regulatory requirements
- In a fresh statement, the microfinance bank CEO allayed the fears of his customers, and he spoke about the platform's app
The co-founder and CEO of Sycamore, Babatunde Akin-Moses, has reacted to the revocation of the operating license of his fintech platform's microfinance bank by the CBN.
Sycamore Microfinance Bank was among the 46 microfinance banks whose operating licenses were revoked by the Central Bank of Nigeria (CBN) on July 1, 2026.
Source: Getty Images
The CBN stated that the licenses of these microfinance banks were revoked on July 1, 2026, following approval by its Governor, Olayemi Cardoso, in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Sycamore Microfinance Bank CEO speaks
Babatunde, in a Facebook post on July 1, allayed the fears of Sycamore customers, assuring them that the firm's core operations are unaffected by the CBN's regulatory decision.
He added that the firm's app is also still fully functional, adding that customers can continue to save, invest, borrow and transact as usual.
"Hello everyone, I've received a number of calls and messages following today's CBN announcement, so I wanted to provide a brief update.
"I want to reassure you that Sycamore's core operations remain fully active and unaffected. Our app is fully functional, and customers can continue to save, invest, borrow, and transact as usual. Most importantly, all customer funds and investments remain safe and secure.
"We remain committed to the highest standards of governance, transparency, and regulatory compliance, and we will continue to keep our customers and stakeholders informed as appropriate," he wrote.
Babatunde also attached a statement from Sycamore regarding the development to calm customers.
Source: Facebook
See the CEO's Facebook post below:
Microfinance CEO's statement commended online
Legit.ng has compiled some reactions to the Microfinance Bank CEO's statement below:
Godgift Celestine Nwogu said:
"Glad to read this. I was a bit worried when I saw the list.
"Welldone sir."
Mulekanle Lawrence Adeyeba said:
"Glad to read this. Sycamore is coming bigger and better. No shaking sir."
Àyánníyì Taíwò James said:
"Thank you for the clarification, sir. I've been waiting for a comment from you all day. Well-done sir."
Adebola Ade-Martins said:
"It is well Bro. Every obstacle is a stepping stone for great minds such as yourself.
"Bigger things coming."
Elijah Ayemhenre said:
"Thank you for the swift clarification.
"This is exactly the kind of prompt communication that builds confidence and shows a company is serious about its business.
"It is particularly reassuring to know that Sycamore's existing operations remain fully active. The confirmation that the SEC license and FCCPC approval remain valid provides the clarity many customers were looking for.
"Transparency and timely communication like this go a long way in strengthening trust. Wishing the team continued success."
Why CBN revoked licenses of 46 banks
Meanwhile, Legit.ng previously reported 10 reasons CBN revoked the licenses of 46 microfinance banks in Nigeria.
According to the bank, the affected institutions did not meet the requirements for remaining licensed as financial institutions, thus leading to the withdrawal of their operating licenses as part of its efforts to enhance oversight of Nigeria's financial system, BusinessDay reported.
The CBN emphasised that this action is consistent with its ongoing commitment to safeguard the stability of Nigeria's financial system, protect depositors, and ensure licensed financial institutions adhere to relevant laws and prudential standards.
Source: Legit.ng
