The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso. Photo: CBN
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operations.
The apex bank disclosed this in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
The revocation, which took effect from July 1, 2026, followed the approval of the CBN Governor, Olayemi Cardoso.
According to the statement, the action was taken in line with the powers conferred on the CBN under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.
