No License Revocation: CBN Clarifies Unity, Keystone Banks' Status

Unity, Keystone Banks' Licenses Valid, CBN Confirms

CBN refutes rumors circulating that Unity and Keystone banks' licenses had been revoked...

CBN debunks fake news, Unity Bank and Keystone Bank licenses not revoked, assures banking system and depositors' funds are secure.

The Central Bank of Nigeria (CBN) has issued a statement debunking reports that it has revoked the licenses of Unity Bank and Keystone Bank, confirming that both banks remain fully licensed and operational.

A circular that appeared on social media, purportedly from the apex bank, advised impacted clients to move their money to another bank or take an ATM withdrawal from the banks before it's too late.

“CBN has withdrawn the licences of Heritage Bank, Unity Bank and Keystone Bank respectively,” the circular had said.

“All the customers affected should try and withdraw all their money there using ATM CARD Or transfer all the money to another bank now before it will be too late.

“Please let's circulate this information to our colleagues, family and friends. Let's be of help to others.”

However the CBN explained that it had not released a circular announcing the banks' license withdrawals in a post on X on Wednesday, July 10.

The widely circulated circular, according to the CBN, was a hoax meant to deceive people.

The CBN declared on June 3 that the license of Heritage Bank would be immediately revoked.

The regulator clarified that the bank's incapacity to enhance its financial performance was the reason behind the decision.

Following the revocation, a number of internet rumors stated that the central bank will also revoke Keystone Bank, Unity Bank, and Polaris Bank's licenses.

The CBN, however, stated on June 4 that it did not intend to revoke the licenses of the three banks and stressed that these claims were untrue.

The CBN provided a public assurance on June 10, stating that the banking system and depositors' funds were secure and stable, aiming to mitigate any potential worries and uphold trust in the banking industry.