The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country, effective July 1, 2026.
The apex bank disclosed this in a statement issued Wednesday by the Acting Director of its Corporate Communications Department, Hakama Sidi-Ali.
According to the statement, the revocations were carried out under the powers conferred on the CBN by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. CBN Governor, Olayemi Cardoso, gave approval for the licence withdrawals after the affected institutions failed to meet the conditions required to remain licensed.
The regulator said the banks were found culpable of various infractions, including:
- Insufficient assets to cover liabilities
- Ceasing operations without CBN approval
- Prolonged inactivity with no banking operations ongoing
- Failure to commence operations within one year of licensing
- Non-compliance with minimum capital requirements
The CBN described the move as part of its broader push to safeguard the stability of Nigeria’s financial system and enforce regulatory compliance among licensed institutions.
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