The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing their failure to meet regulatory requirements for continued operation.
In a statement on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.
“According to the revocation order, the action became necessary because of one or more of the circumstances :Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital
