The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks nationwide, with the decision taking effect from July 1, 2026.
The apex bank announced the development in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the action was taken in line with the powers conferred on it under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The regulator disclosed that the withdrawal of the licences was approved by the CBN Governor, Olayemi Cardoso, after the affected institutions failed to meet the regulatory requirements necessary to continue operating as licensed financial institutions.
The bank explained that the affected microfinance banks violated one or more of the conditions governing their operations.
Among the reasons cited for the licence revocations were insufficient assets to meet liabilities, cessation of banking operations without prior approval from the CBN, prolonged inactivity, failure to commence operations within one year of obtaining licences, and inability to maintain the required minimum capital.
The CBN stated that the move is part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, enforce regulatory compliance, and ensure that licensed financial institutions operate within the framework of existing laws and guidelines.
The full list of the affected 46 microfinance banks was released by the Central Bank alongside the announcement.
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