The Central Bank of Nigeria has revoked the operating licences of 46 Microfinance Banks with effect from July 1, 2026.
The action, approved by CBN Governor Mr. Olayemi Cardoso, was taken under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Statement by the Acting Director, Corporate Communications Department of the Bank, Hakama Sidi Ali says that the affected institutions failed to meet the regulatory requirements for continued operation.
The reasons include insufficient assets to meet liabilities, failure to maintain the required minimum capital, prolonged inactivity, and unauthorized closure of operations.
Some of the affected banks also failed to commence operations within 12 months of receiving their licences, prompting the CBN to withdraw their operating approvals in line with existing regulations.
The CBN says the revocation is part of its ongoing efforts to protect depositors, strengthen financial sector stability, and ensure that all licensed financial institutions comply with regulatory standards.
It reaffirmed its commitment to maintaining a safe, sound, and resilient financial system.
