The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks in a sweeping regulatory action that underscores a broader cleanup of Nigeria’s digital financial services ecosystem and signals tougher oversight of licensed financial institutions supporting the country’s fintech industry.
According to the CBN, the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions. The revocation extends beyond the traditional microfinance segment, as several of the affected operators maintained digital banking platforms or provided regulated banking infrastructure for fintech companies, reinforcing the regulator’s determination to strengthen compliance across Nigeria’s expanding digital finance landscape.
The banking regulator says the licence withdrawals took effect on July 1, 2026, under its statutory powers contained in Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Olayemi Cardoso, CBN Governor is seen in the photo. CBN revokes licences ofThis post was originally published on this site.
