BREAKING: CBN Revokes Licences of 46 Microfinance Banks [DETAILS] 

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

The decision takes effect from Wednesday, July 1, 2026, according to a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali.

The apex bank said the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the CBN Governor, Olayemi Cardoso.

According to the CBN, the affected institutions lost their licences after failing to satisfy the conditions required to remain licensed financial institutions.

The bank explained that the revocation was based on one or more regulatory infractions, including insufficient assets to meet liabilities, shutting down operations without obtaining CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months after receiving a licence, and failure to maintain the minimum capital requirements without impairment from accumulated losses.

The CBN described the move as part of its ongoing efforts to strengthen the nation’s financial system and ensure that all licensed financial institutions operate in compliance with existing laws and prudential 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 said.

The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and regulatory measures where necessary to sustain public confidence in Nigeria’s banking sector.