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The Central Bank of Nigeria has revoked the operating licenses of 46 microfinance banks, effective July 1, 2026, due to their failure to meet regulatory requirements for continued operation as licensed financial institutions.
The revocation was approved by CBN Governor Olayemi Cardoso under the powers conferred by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the bank said in a statement on Wednesday.
According to the CBN, the action became necessary due to one or more of the following circumstances: insufficient assets to meet liabilities, closure of operations without CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
“The revocation of the licenses is part of the Bank’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,” the CBN said in a statement signed by Acting Director of Corporate Communications, Hakama Sidi-Ali.
The central bank said it remains committed to promoting a “safe, sound and resilient financial system” and will continue to take appropriate supervisory and regulatory actions to maintain public confidence in the Nigerian financial system.
Press Release
CBN Revokes Licenses of 46 Microfinance Banks.
Kindly click the link to see the full list of the affected Microfinance Banks on the CBN website : https://t.co/7HymUKTI5J#CBN#PressRelease pic.twitter.com/6C5rA9MwkO
— Central Bank of Nigeria (@cenbank) July 1, 2026
The affected banks include:
