ABUJA — The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MfBs) with effect from July 1, 2026, citing their failure to meet regulatory requirements for continued operation.
The decision was announced on Wednesday in a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Mrs. Hakama Sidi-Ali.
According to the statement, the action was taken under the powers conferred on the apex bank by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Sidi-Ali said the revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the affected banks’ failure to satisfy the regulatory conditions required to operate as licensed financial institutions.
She explained that the move forms part of the CBN’s ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors and ensure compliance with existing banking laws and regulations.
«”The revocation of the licences is part of 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,” the statement said.»
The apex bank reaffirmed its commitment to promoting a safe, sound and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory actions where necessary to maintain public confidence in the country’s financial sector.
According to the revocation order, the licences were withdrawn due to several regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the approval of the CBN, inactivity or cessation of financial intermediation, failure to commence operations within 12 months after licence approval, and failure to maintain the minimum capital requirements unimpaired by losses.
The revocation takes immediate effect from July 1, 2026.
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