The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks.
The apex bank announced this in a statement issued by Sidi-Ali Hakama, its Acting Director, Corporate Communications.
The statement said the revocation, which took effect from July 1, 2026, was as a result of failure of the affected banks to meet regulatory requirements for continued operations.
According to the CBN, the action was approved by its Governor, Olayemi Cardoso, in line with the powers conferred on the bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected institutions failed to satisfy key regulatory conditions required of licensed financial institutions.
It explained that the licences were withdrawn for one or more reasons, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital required by law.
“The revocation of the licenses 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 Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement read.
The affected microfinance banks are: