CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Breaches
ABUJA, Nigeria – The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country as part of efforts to strengthen regulatory compliance and safeguard the stability of the nation’s financial system.
The apex bank announced that the revocation took effect on July 1, 2026, following approval by CBN Governor Olayemi Cardoso under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the affected microfinance banks failed to meet the regulatory conditions required to continue operating as licensed financial institutions.
The bank explained that the licences were withdrawn for one or more reasons, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence operations within 12 months after obtaining licences, and failure to maintain the minimum capital required by banking regulations.
The regulator said the action forms part of its ongoing supervisory measures aimed at protecting depositors, promoting sound corporate governance, and ensuring that only financially healthy institutions remain in operation.
The CBN reaffirmed its commitment to maintaining a safe, resilient, and transparent financial system, stressing that it would continue to enforce regulatory standards to sustain public confidence in Nigeria’s banking sector.
The apex bank also released the full list of the affected microfinance banks, urging customers and stakeholders to take note of the development while assuring the public that it remains committed to preserving the integrity and stability of the country’s financial system
