CBN revokes licenses of 46 Microfinance banks

The Central Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks with effect from July 1, 2026.

A statement released by the apex bank today July 1, says 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.

According to the revocation order, the action became necessary due to 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.

CBN said 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.