The Central Bank of Nigeria (CBN) has revoked the operating licenses of 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 revocation was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, following the banks’ failure to meet the 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 such as insufficient assets to meet liabilities, closure of operations without the 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.
Accordording to a statement signed by Sidi-Ali, Hakama, acting director, Corporate Communications Department 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. Related News World Bank okays $1.25bn for Nigeria, unveils new growth strategy $820.8m invested, opportunities deferred: The hidden price of Nigeria's slow 5G rollout Oil prices return to pre-war levels 4 months after US-Iran tensions
