CBN Revokes Licenses of 46 Microfinance Banks in Nigeria

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 microfinance banks, effective July 1, 2026, citing their failure to meet key regulatory requirements necessary for continued operation. This decision was disclosed in a statement issued on Wednesday, signed by Hakama Sidi Ali, the Director of Corporate Communications at the CBN, and approved by the CBN Governor, Olayemi Cardoso.

The revocation is in line with the powers conferred to the CBN under sections 12 and 13 of the Bank and Financial Institutions Act (BOFIA) 2020. The affected institutions failed to satisfy regulatory conditions, including maintaining sufficient assets to meet liabilities, operating without CBN approval, and not commencing operations within 12 months of receiving their licenses.

The banks are spread across various states, including Lagos, Kano, Abuja, and others. This measure is part of the CBN's broader effort to strengthen the financial sector, enforce compliance with existing laws, and protect depositors.