CBN Revokes Licenses of 46 Microfinance Banks Nationwide

The Central Bank of Nigeria has announced the revocation of licenses for 46 microfinance banks effective July 1, 2026. The decision, approved by Governor Olayemi Cardoso, follows a statement from the apex bank. It cites failures to meet regulatory requirements, including insufficient assets, unapproved closures, inactivity, and delays in commencing operations. Other factors included banks operating without CBN approval and failure to maintain minimum capital unimpaired by losses. This move under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020, is part of the CBN’s effort to safeguard financial stability and protect depositors. The apex bank reaffirmed its commitment to a safe, sound, and resilient financial system and will continue supervisory actions to maintain public confidence in Nigeria’s banking sector.

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