CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Infractions

 
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country, effective July 1, 2026, citing their failure to meet key regulatory requirements for continued operation.

The decision, announced in a press statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the apex bank, the affected microfinance banks were found to have violated one or more of the conditions required for maintaining their operating licences.

The CBN listed the reasons for the revocation to include:

Insufficient assets to meet liabilities;

Closure of operations without obtaining prior approval from the Central Bank;

Inactivity and cessation of financial intermediation;

Failure to commence operations within 12 months of receiving licence approval; and

Failure to maintain the minimum capital funds required for licensed financial institutions.

The apex bank explained that the action forms part of its ongoing efforts to strengthen the stability and integrity of Nigeria's financial system.

It stated that the revocation is aimed at protecting depositors, ensuring compliance with banking regulations, and promoting a safe, sound, and resilient financial sector.

"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," the statement read.

The CBN has also published the full list of the 46 affected Microfinance Banks on its official website, alongside details of the regulatory requirements and reasons for the action.

The latest development underscores the regulator's commitment to enforcing compliance within Nigeria's financial sector and ensuring that only institutions capable of meeting statutory obligations continue to operate.

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