BREAKING: CBN Revokes Licences of 46 Microfinance Banks [FULL LIST]
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks over their failure to meet regulatory requirements for continued operations.
The apex bank disclosed this in a statement issued on Wednesday by its Acting Director of Corporate Communications, Sidi-Ali Hakama.
According to the CBN, the revocation took effect from July 1, 2026, and was approved by the Governor of the Central Bank, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The bank said the affected institutions failed to satisfy key regulatory conditions required of licensed financial institutions.
It explained that the licences were withdrawn for one or more reasons, including insufficient assets to meet liabilities, shutting down operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months of receiving a licence, and failure to maintain the statutory minimum capital requirement.
The CBN said the action forms part of its ongoing efforts to strengthen oversight of the financial sector and ensure compliance with extant banking regulations.
“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.
“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system, “It added.
