FULL LIST: Why CBN Revoked Licences of 46 Microfinance Banks

FULL LIST: Why CBN Revoked Licences of 46 Microfinance Banks

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country over their failure to comply with key regulatory requirements.

The apex bank said the revocation took effect from July 1, 2026, following the approval of its Governor, Mr. Olayemi Cardoso, in line with the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.

In a statement issued on Wednesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN said the affected institutions failed to satisfy the conditions required for continued operation as licensed financial institutions.

According to the bank, the decision was necessitated by one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the minimum capital required for operation.

The CBN explained that the action formed part of its ongoing efforts to strengthen the financial system, safeguard depositors’ funds, and ensure strict compliance with banking laws and prudential regulations.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.

It added that the apex bank remained committed to promoting a safe, sound and resilient financial system and would continue to take appropriate supervisory and regulatory measures to maintain public confidence in…