The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) with effect from July 1, 2026, following their failure to meet regulatory requirements for continued operation. The revocation, approved by CBN Governor Olayemi Cardoso, was announced in a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali. […]
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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) with effect from July 1, 2026, following their failure to meet regulatory requirements for continued operation.
The revocation, approved by CBN Governor Olayemi Cardoso, was announced in a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the apex bank, the action was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected institutions were found to have breached one or more regulatory requirements, including:
Insufficient assets to meet liabilities.
Closure of operations without the CBN’s approval.
Inactivity and cessation of financial intermediation.
Failure to commence operations within 12 months of licence approval.
Failure to maintain minimum capital funds unimpaired by losses.
The bank explained that the decision forms part of its ongoing efforts to strengthen the stability of the financial system, protect depositors, and ensure that licensed financial institutions comply with existing laws and regulatory standards.
The CBN reiterated its commitment to maintaining a safe, sound and resilient financial system through continued supervisory and regulatory actions where necessary.
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