The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks across the country, with the decision taking effect from July 1, 2026.
The announcement was made on Wednesday, July 1, 2026, in a statement signed by the Acting Director of the CBN Corporate Communications Department, Hakama Sidi-Ali.
The apex bank said the action was taken under the powers granted to it by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
It added that the approval for the licence withdrawal was given by the CBN Governor, Olayemi Cardoso, after the affected institutions failed to meet the conditions required to continue operating as licensed financial institutions.
According to the CBN, the affected banks were found to have breached one or more of the rules guiding their operations.
Some of the reasons listed by the regulator include having assets that were not enough to cover their liabilities, shutting down operations without obtaining approval from the CBN, remaining inactive and no longer carrying out banking activities, failing to begin operations within one year after receiving their licences, and not maintaining the minimum capital required for their business.
The Central Bank said the decision forms part of its efforts to keep Nigeria’s financial sector stable and ensure that licensed financial institutions follow the laws and regulations governing their operations.
See affected banks below:
