CBN Revoke Licences of 46 Microfinance Banks
The Central Bank of Nigeria (CBN) don withdraw the operating licences of 46 microfinance banks across the country over failure to meet regulatory requirements.
According to the apex bank, the revocation take effect from Wednesday, July 1, 2026, after approval by the CBN Governor, Olayemi Cardoso.
The CBN explain say the action was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empower the bank to revoke licences of financial institutions that fail to comply with regulatory standards.
According to the apex bank, the affected microfinance banks failed to satisfy key conditions required to continue operating as licensed financial institutions.
The CBN say some of the reasons for the revocation include inadequate capital, insufficient assets to meet liabilities, prolonged inactivity, failure to commence operations within the approved period and other regulatory breaches.
The regulator added say the decision forms part of ongoing efforts to strengthen Nigeria’s financial system, protect depositors and ensure strict compliance with banking regulations.
