The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet regulatory requirements for continued operations.
According to a statement by CBN on Wednesday, the revocation, which takes effect from July 1, 2026, was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the apex bank, the affected institutions failed to satisfy one or more conditions required to remain licensed financial institutions.
The reasons for the action include insufficient assets to meet liabilities, closure of operations without the CBN’s 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 CBN said the revocation is part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors and ensure licensed financial institutions comply with existing laws and regulatory requirements.
It added that it would continue to take appropriate supervisory and regulatory actions where necessary to sustain public confidence in the country’s financial sector.
Below is the list of the affected microfinance banks released by the CBN:
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