CBN Revokes Licenses of 46 Microfinance Banks for Non Compliance

By Ikugbadi Oluwasegun

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks with effect from Tuesday, July 1, 2026, citing failure to meet regulatory requirements for continued operation.

This was disclosed in a In a statement signed by Mrs. Hakama Sidi-Ali, Ag. Director, Corporate Communications, the CBN said the action was approved by Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.

The affected banks were found to have one or more of the following issues: Insufficient assets to meet liabilities, Closure of operations without CBN 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 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,” the CBN stated.

The apex bank added that it remains committed to promoting a safe, sound, and resilient financial system and will continue to take supervisory and regulatory actions to maintain public confidence.

The List of Revoked Microfinance Banks: