The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks over their failure to meet regulatory requirements for continued operations.
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 statement obtained by The News Chronicle, the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso, in line with the powers conferred on the bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected institutions failed to satisfy key regulatory conditions required of licensed financial institutions.
It explained that the licences were withdrawn for one or more reasons, including inadequate assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining a licence, and failure to maintain the statutory minimum capital requirement.
The apex bank said the action formed part of its ongoing efforts to strengthen the financial system and ensure compliance with extant banking regulations.
“The revocation of the licenses 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 read.
The CBN reaffirmed its commitment to maintaining a safe, sound and resilient financial system.
“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” it added.
