CBN revokes licences of 46 microfinance banks
The Central Bank of Nigeria (CBN) has revoked the operational licences of 46 microfinance banks in the country.
This was disclosed in a statement signed by the bank’s acting director of corporate communications, Sidi-Ali Hakama on Wednesday.
The statement read in part: “The Central Bank of Nigeria (CBN) has revoked the operating licences of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet regulatory requirements for continued operation as licensed financial institutions.”
According to the statement, the licenses were revoked due to one or more of the following reasons; insufficient assets to meet liability, closure of operations without CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
Hakama said the revocation of the licences is part of ongoing efforts by the CBN to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and 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 added.
Below is a full list of the microfinance banks whose licences were revoked:
