CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Violations

CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Violations

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks effective July 1, 2026, over various regulatory infractions.

According to a statement by the Acting Director of Corporate Communications, Hakama Sidi Ali, the action was approved by CBN Governor, Olayemi Cardoso, under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The apex bank said the affected institutions failed to meet key regulatory requirements, including maintaining adequate capital, possessing sufficient assets to meet liabilities, and sustaining operational activities. Some of the banks were also cited for prolonged inactivity, unauthorized closure of operations, and failure to commence business within 12 months of obtaining their licences.

The CBN stated that the move forms part of ongoing efforts to protect depositors, strengthen financial sector stability and ensure compliance with regulatory standards. The bank reaffirmed its commitment to maintaining a safe, sound and resilient financial system.