CBN revokes operating licences of 46 microfinance banks [FULL LIST]

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to comply with regulatory requirements for continued operation.

The apex bank, in a statement signed by the Acting Director of the CBN’s Corporate Communications Department, Mrs Hakama Sidi-Ali, on Wednesday, explained that the revocation takes effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso.

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, after the affected institutions failed to meet the conditions required to retain their operating licences.

The regulator explained that the affected microfinance banks were found to have committed one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the minimum capital requirements unimpaired by losses.

The CBN stated that the revocation forms part of its ongoing efforts to strengthen Nigeria’s financial system stability, safeguard depositors’ funds, and ensure that licensed financial institutions comply with applicable laws and prudential regulations.

Reaffirming its commitment to effective banking supervision, the apex bank stated that it would continue to take appropriate regulatory and supervisory measures as necessary to maintain public confidence in the country’s financial system.

List of revoked MFBs