CBN Revokes Operating Licences of 46 Microfinance Banks
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks with effect from July 1, 2026.
The apex bank disclosed this in a statement issued on Tuesday, stating that the revocation was approved by the CBN Governor, Mr. Olayemi Cardoso, after the affected banks failed to meet the regulatory requirements for continued operation as licensed financial institutions.
According to the CBN, the action followed several regulatory breaches, including insufficient assets to meet liabilities, closure of operations without the approval of the Bank, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital requirement unimpaired by losses.
The CBN said the revocation is part of its ongoing efforts to strengthen the stability of the financial system, protect depositors’ funds, and ensure that all licensed financial institutions operate in compliance with existing laws and prudential regulations.
CBN Revokes Operating Licences of 46 Microfinance Banks