The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, with the decision taking effect from July 1, 2026.
The announcement was made on Wednesday in a statement signed by the Acting Director of the CBN Corporate Communications Department, Hakama Sidi-Ali.
According to the CBN, the decision was taken under the powers given to the bank by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The apex bank said the withdrawal of the licences was approved by the CBN Governor, Olayemi Cardoso, after the affected microfinance banks failed to meet the conditions required to continue operating as licensed financial institutions.
The CBN explained that the affected banks violated one or more of the regulations guiding their operations.
According to the regulator, some of the reasons for the licence revocation include having assets that were not enough to cover their liabilities, stopping operations without first getting approval from the CBN, remaining inactive and no longer carrying out banking activities, failing to begin operations within one year of receiving their licences, and not maintaining the minimum capital required for their businesses.
The Central Bank said the action is part of its efforts to maintain stability in Nigeria’s financial sector and ensure that all licensed financial institutions comply with the laws and regulations governing their operations.
The CBN also released the full list of the 46 affected microfinance banks whose operating licences have been revoked.
