The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country over failure to meet regulatory requirements for continued operation.
The apex bank announced the revocation in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the revocation took effect from July 1, 2026, and was carried out in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.
The bank said the decision was approved by the CBN Governor, Olayemi Cardoso, as part of ongoing efforts to safeguard the stability of the financial system, protect depositors and ensure that licensed financial institutions comply with regulatory standards.
The CBN explained that the action became necessary because the affected institutions had allegedly failed to meet one or more regulatory conditions required for continued operation.
The breaches listed by the apex bank include insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity, cessation of financial intermediation, failure to commence operations within 12 months of licence approval and failure to maintain the required minimum capital funds unimpaired by losses.
“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 CBN said.
The bank added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.
The affected microfinance banks are:
The revocation comes as the CBN continues its broader regulatory clean-up of the financial services sector, including enforcement of capital adequacy, operational soundness and compliance requirements.
The apex bank said it would continue to monitor financial institutions and intervene where necessary to protect the integrity of the banking system and the interests of depositors.