CBN Revokes Licenses of 46 Microfinance Banks Effective 2026

The Central Bank of Nigeria (CBN) announced the revocation of operating licenses for 46 microfinance banks, effective July 1, 2026. This decision was communicated by Hakama Sidi Ali, the Director of Corporate Communications at CBN, following approval from Governor Olayemi Cardoso.

The revocation is based on several factors, including the institutions' failure to comply with critical regulatory standards necessary for continued operation. Reasons cited for the withdrawal of licenses include insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence business within 12 months of license approval, and failure to maintain minimum capital requirements as mandated by law.

The CBN stated that this action is part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.