CBN Revokes Licences Of 46 Microfinance Banks Over Regulatory Violations (Full List)

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across Nigeria after determining that they failed to meet key regulatory and operational requirements.

The decision, which took effect on July 1, 2026, was approved by CBN Governor Olayemi Cardoso under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020. According to the apex bank, the action forms part of its broader efforts to strengthen the financial sector, protect depositors, and ensure that only financially sound institutions continue to operate.

Why The CBN Revoked The Licences

In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN explained that the affected institutions failed to satisfy one or more regulatory conditions required for continued operation.

The bank stated:

“The Central Bank of Nigeria (CBN) has revoked the operating licences 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.”

According to the regulator, the revocation became necessary because some of the banks were found to have:

• Insufficient assets to meet their financial obligations.
• Closed operations without obtaining approval from the CBN.
• Become inactive and stopped carrying out financial intermediation.
• Failed to commence operations within 12 months after receiving their licences.
• Failed to maintain the minimum capital requirements without impairment from accumulated losses.

CBN Reaffirms Commitment To Financial Stability

The apex bank said the move is part of its ongoing supervisory responsibility to maintain confidence in Nigeria’s banking sector and ensure compliance with regulatory standards.

The CBN stated:

“The Central Bank of Nigeria remains committed to promoting a safe, sound, and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system.”

The regulator noted that ensuring only financially viable institutions remain in operation is critical to safeguarding depositors’ funds and strengthening the country’s financial ecosystem.

Full List Of Microfinance Banks Whose Licences Were Revoked

What This Means

The latest action highlights the CBN’s intensified oversight of the microfinance banking sector as it seeks to improve financial stability and enforce stricter compliance with regulatory standards.

Customers of the affected institutions are expected to follow further directives from the CBN and relevant authorities regarding the resolution process and the protection of depositors’ interests.