The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks with effect from July 1, 2026.
The Acting Director of Corporate Communications Department of the CBN, Hakama Sidi-Ali, made this known on Wednesday.
According to Sidi-Ali in a statement, the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
She said the revocation was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, following the failure of the banks to meet the regulatory requirements for continued operation as licensed financial institutions.
According to the revocation order, the action became necessary because of one or more of insufficient assets to meet liabilities, closure of operations without the CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
Sidi-Ali said: “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 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.”
Below is the full list:
