CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Breaches.

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, with the decision taking effect from July 1, 2026. According to a press statement issued by the apex bank, the action followed the approval of the CBN Governor, Olayemi Cardoso, and was taken in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN explained that the affected banks failed to meet key regulatory requirements necessary to continue operating as licensed financial institutions. Reasons for the revocation include insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving licences, and inability to maintain the required minimum capital.

The apex bank stated that the move is part of its ongoing efforts to strengthen Nigeria’s financial system, protect depositors, and ensure that all licensed financial institutions comply with existing laws and regulations.

The CBN reaffirmed its commitment to maintaining a safe, sound, and resilient banking sector while taking necessary supervisory and regulatory actions to sustain public confidence.egulatory Breaches.