“The Central Bank of Nigeria has revoked the operating licenses of forty-six (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 statement read.
The CBN said the revocation was approved after the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” it stated.
The regulator explained that the decision became necessary because one or more of several infractions were established against the affected institutions.
These included insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving licences and failure to maintain the prescribed minimum capital unimpaired by losses.
The affected lenders comprise Tier 1, Tier 2 and State microfinance banks spread across several states, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
