“The Central Bank of Nigeria (CBN) has revoked the operating licences of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement published on the CBN’s website read in part.
CBN Governor Olayemi Cardoso approved the revocation following the banks’ failure to meet regulatory requirements for continued operation as licensed financial institutions.
“According to the revocation order, the action became necessary because of one or more of the circumstances listed below: i. Insufficient assets to meet liabilities; ii. Closure of operations without the CBN’s approval; iii. Inactivity and cessation of financial intermediation; iv. Failure to commence operations within 12 months of licence approval; and v. Failure to maintain minimum capital funds unimpaired by losses,” the bank said.
The revocation of the licences is part of the CBN’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.