The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks across the country, citing their failure to comply with regulatory 1000808416requirements for continued operation.

The revocation, which takes effect from July 1, 2026, was announced in a press statement issued by the apex bank on Wednesday. The CBN said the decision was taken in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and approved by its Governor, Olayemi Cardoso.

According to the statement, the affected institutions failed to meet one or more of the conditions required to retain their operating licences. The CBN listed the reasons for the action to include insufficient assets to meet liabilities, closure of operations without prior approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving a licence, and inability to maintain the minimum capital requirements

 

1000808418

The apex bank explained that the regulatory action forms part of its ongoing efforts to safeguard the stability of Nigeria's financial system, protect depositors, and ensure that licensed financial institutions operate in full compliance with extant laws and regulatory standards.

The CBN reaffirmed its commitment to maintaining a safe, sound, and resilient banking sector, stressing that it will continue to take appropriate supervisory and enforcement measures where necessary to strengthen public confidence in the nation's financial system

 

1000808420

Members of the public have been advised to visit the official CBN website to view the complete list of the 46 affected Microfinance Banks.