The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks for failing to meet regulatory requirements for continued operations.
The apex bank announced the decision in a statement on Tuesday by its Acting Director, Corporate Communications, Sidi-Ali Hakama.
According to the statement, the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Mr. Olayemi Cardoso, in line with the powers conferred on the bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN 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It explained that the licences were withdrawn for one or more reasons, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the statutory minimum capital requirement.
The apex bank said the action formed part of its on-going efforts to strengthen the financial system and ensure compliance with existing laws and 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 noted.
The CBN reaffirmed its commitment to promoting a safe, sound and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory measures to sustain public confidence in Nigeria’s financial sector.
