CBN Revokes Licenses of 46 Microfinance Banks in Nigeria

The Central Bank of Nigeria (CBN) has revoked the licenses of 46 microfinance banks (MFBs) as they no longer met the conditions required for operational licenses. This decision, approved by CBN Governor Olayemi Cardoso, will take effect on July 1, 2026.

The revocation is part of the CBN's efforts to strengthen oversight of Nigeria's financial system, protect depositors, and ensure that licensed institutions comply with prudent regulations. The CBN cited several reasons for the revocation, including insufficient assets to meet liabilities, shutdown of operations without regulatory approval, prolonged inactivity, failure to commence operations within twelve months of receiving a license, and failure to maintain minimum capital requirements.

The CBN emphasized that the revocation reflects its commitment to maintaining a safe, sound, and resilient financial system while preserving public confidence in Nigeria's banking sector.