The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country with effect from July 1, 2026, over their failure to comply with regulatory requirements.
The apex bank announced the development in a statement issued on Wednesday, saying the decision was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
According to the CBN, the affected institutions failed to meet the conditions required to continue operating as licensed financial institutions.
The regulator explained that the revocation followed findings of several regulatory violations, including insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining their licences, and failure to maintain the prescribed minimum capital requirements.
The CBN stated that the action was taken in line with its statutory mandate to ensure compliance with banking regulations and maintain the integrity of Nigeria’s financial system.
According to the apex bank, the revocation forms part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed financial institutions operate in accordance with existing laws and regulatory standards.
The regulator reaffirmed its commitment to strengthening oversight of the banking industry and enforcing compliance to promote a safe, sound and resilient financial system.
