The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country as part of efforts to strengthen regulation and maintain the stability of the financial system.
The revocation, which took effect from July 1, 2026, was announced in a statement issued on Wednesday in Abuja by the Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the action was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following the approval of the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
The apex bank said the affected institutions failed to meet the regulatory requirements necessary to continue operating as licensed financial institutions.
It explained that the banks were found to have breached one or more operational guidelines, including maintaining insufficient assets to cover liabilities, ceasing operations without prior approval, remaining inactive, failing to commence business within one year of licensing, and not meeting the minimum capital requirements.
The CBN said the licence revocations form part of its ongoing efforts to safeguard the financial system and ensure compliance with banking laws and regulatory standards.
The list of the affected microfinance banks was released by the apex bank:
