‎Why CBN Revoked Licences Of 46 Microfinance Banks Over Breaches ‎

The Central Bank of Nigeria on wednesday revoked the operating licences of 46 Microfinance Banks with immediate effect from July 1, 2026 across the country.

The sanction which was approved by CBN Governor Mr. Olayemi Cardoso, in line with the provision of the Banks and Other Financial Institutions Act (BOFIA), 2020.

A statement released by the Acting Director, Corporate Communications Department of the Bank, Hakama Sidi, said the affected institutions failed to meet the regulatory requirements for continued operation.

“The reasons include insufficient assets to meet liabilities, failure to maintain the required minimum capital, prolonged inactivity, and unauthorized closure of operations,” he said

He further said that some of the affected banks also failed to commence operations within 12 months of receiving their licences, prompting the CBN to withdraw their operating approvals in line with existing regulations.

“The revocation is part of its ongoing efforts to protect depositors, strengthen financial sector stability, and ensure that all licensed financial institutions comply with regulatory standards. It reaffirmed its commitment to maintaining a safe, sound, and resilient financial system,” he added.

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