The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 (see list below) microfinance banks across the country, effective July 1, 2026, over their failure to comply with regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali.
According to the CBN, the revocation was approved by its Governor, Mr. Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The affected microfinance banks were found to have one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without the CBN’s approval, prolonged inactivity, failure to commence operations within 12 months of receiving licences, and failure to maintain the required minimum capital.
The CBN said the action forms part of its ongoing efforts to safeguard the stability of Nigeria’s financial system, protect depositors, and ensure strict compliance with banking regulations.
The bank reaffirmed its commitment to promoting a safe, sound, and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory actions to maintain public confidence in the country’s banking sector.
