The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country, with the revocation taking effect from July 1, 2026.
The development was announced on Wednesday in a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali.
According to the apex bank, the decision was made in line with the powers conferred on it under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The CBN stated that the revocation was approved by its Governor, Olayemi Cardoso, after the affected institutions failed to meet the regulatory requirements necessary to continue operating as licensed financial institutions.
The regulator explained that investigations revealed the banks had violated one or more of the conditions governing their operations.
Among the infractions cited were inadequate assets to cover liabilities, the closure of business operations without obtaining prior approval from the CBN, prolonged inactivity and failure to carry out banking services, failure to commence operations within one year of obtaining licences, and inability to maintain the statutory minimum capital requirement.
The apex bank noted that the move is part of its ongoing efforts to strengthen the stability of Nigeria’s financial system and ensure that all licensed financial institutions comply with the country’s banking laws and regulatory standards.
See affected banks below:
