- CBN Revokes Licences of 46 Microfinance Banks
- Decision took effect on July 1, 2026.
- Banks were sanctioned for regulatory and operational violations.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, with the decision taking effect from July 1, 2026.
The apex bank announced the development in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the action was taken in line with the powers conferred on the bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
EDITOR’S PICKS
- Akpabio Makes Demand From Senators Over State Police
- JUST IN: State Police Move Gains Momentum as Tinubu Sends Bill to Senate
- Malami Appears in Court Over ₦8.7bn Trial
EKO HOT BLOG reports that the regulator said the approval for the licence revocation was granted by the CBN Governor, Olayemi Cardoso, after the affected institutions failed to meet the regulatory requirements needed to continue operating as licensed financial institutions.
The CBN explained that the affected microfinance banks were found to have violated one or more of the conditions governing their operations.
According to the statement, some of the institutions had insufficient assets to meet their liabilities, while others ceased operations without obtaining prior approval from the apex bank.
The regulator also identified prolonged inactivity, failure to carry out banking operations, failure to commence business within one year of obtaining licences, and inability to maintain the minimum required capital as reasons for the licence withdrawals.
The CBN said the decision is part of its ongoing efforts to strengthen Nigeria’s financial system, safeguard depositors and ensure that all licensed financial institutions operate in compliance with existing banking laws and regulatory standards.
The apex bank added that the move reflects its commitment to maintaining stability, transparency and public confidence in the country’s financial sector.
The full list of the affected 46 microfinance banks is provided below.
FURTHER READING
- Governor Abba Yusuf Pledges Kano’s Total Support For President Tinubu’s Re-Election Bid
- UN Estimates Nearly 6.8 Million People Affected by Devastating Twin Earthquakes in Venezuela
- NNPCL Cuts Petrol Price Second Time In Four Days
.
