The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, effective July 1, 2026, citing their failure to comply with regulatory requirements.
The decision, announced on Wednesday by the CBN's Acting Director of Corporate Communications, Hakama Sidi-Ali, was approved by the CBN Governor, Olayemi Cardoso, under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the apex bank, the affected institutions were sanctioned for one or more of the following reasons:
Insufficient assets to meet liabilities.
Closure of operations without CBN approval.
Inactivity and failure to carry out financial intermediation.
Failure to commence operations within 12 months of receiving a licence.
Failure to maintain the required minimum capital.
The CBN said the move is part of its ongoing efforts to strengthen the stability of Nigeria's financial system, protect depositors, and ensure that all licensed financial institutions comply with existing laws and regulatory standards.
The bank reaffirmed its commitment to maintaining a safe, sound, and resilient financial sector through continued supervisory and regulatory actions where necessary.
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