Sycamore, a financial technology (fintech) company, says its operations remain fully active after the Central Bank of Nigeria (CBN) revoked the licence of a microfinance bank it acquired in Kano state in May.
On Thursday, the fintech said the microfinance bank was acquired as part of its expansion into deposit-taking and payments services.
The company said it was still in the process of integrating the entity into its group and operational infrastructure when the licence was revoked following a CBN sector-wide compliance review.
“Sycamore confirms that a microfinance banking entity it had recently acquired in Kano state is among the 46 microfinance banks whose licences were revoked by the Central Bank of Nigeria on July 1, 2026,” the statement reads.
“Sycamore had acquired the entity as part of its planned expansion into deposit-taking and payments. The company was in the process of establishing its integration
