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CBN revokes licences of 46 microfinance banks for failing regulatory and operational requirementsDecision aims to strengthen Nigeria’s financial system and protect depositors’ fundsThis marks one of CBN’s largest licence revocations in recent years as it moves to sanitise the financial system
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing persistent regulatory breaches and failure to meet the minimum requirements for continued operation.
The apex bank announced that the revocation takes effect from July 1, 2026, following the approval of the CBN Governor, Mr. Olayemi Cardoso, under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Olayemi Cardoso-led CBN carries out the biggest banking licence revocation. Credit: CBNSource: Facebook
CBN explains why the banks lost their licences
According to
