Fortis Microfinance Bank

Fortis Microfinance Bank Plc was a national microfinance bank licensed by the Central Bank of Nigeria (CBN) to provide a range of financial services to the unbanked and underbanked population of Nigeria. The bank aimed to alleviate poverty by empowering individuals and small businesses through services like savings accounts, loans, and other financial products. At its peak, it was a prominent player in the Nigerian microfinance sector and was listed on the Nigerian Stock Exchange. However, the bank experienced significant financial distress, leading the CBN to revoke its operating license in December 2018 due to its grave financial condition, insolvency, and inability to meet its obligations to depositors. The Nigeria Deposit Insurance Corporation (NDIC) was subsequently appointed to liquidate the bank.