The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, following their failure to meet regulatory requirements for continued operation….
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, following their failure to meet regulatory requirements for continued operation.
The apex bank said the revocation was approved by its Governor, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act 2020.
According to the CBN, the affected institutions failed to satisfy the regulatory conditions required to remain licensed financial institutions.
The regulator said the decision was based on one or more factors, including insufficient assets to meet liabilities, closure of operations without its approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving a licence, and failure to maintain the minimum capital required by law.
CBN Revokes Licenses of 46 Micofinance Banks
The CBN said the revocation forms part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure that licensed institutions comply with existing laws and regulatory requirements.
https://x.com/cenbank/status/2072317083044516256
The affected institutions include Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Gold Microfinance Bank, Now Now Digital Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Entrepreneur Microfinance Bank, Verdant Microfinance Bank, Supreme Microfinance Bank and 37 others spread across several states of the federation.
The apex bank reaffirmed its commitment to promoting a safe, sound and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory actions to maintain public confidence in Nigeria’s banking sector.