FULL LIST: CBN Revokes Licences of 46 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, effective July 1, 2026 citing multiple regulatory violations and failure by the affected institutions to meet the conditions required for continued operation.

The apex bank announced the decision in a statement issued on Wednesday, saying the action was taken under its statutory powers provided by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the revocation was approved by its Governor, Olayemi Cardoso, after the affected financial institutions failed to satisfy key regulatory requirements for licensed operators.

The CBN said the affected microfinance banks committed one or more regulatory breaches that made them ineligible to continue operating.

According to the revocation order, the reasons include:

Failure to maintain sufficient assets to meet liabilities.

Closure of business operations without the approval of the CBN.

Inactivity and cessation of financial intermediation.

Failure to commence operations within 12 months after obtaining a licence.

Failure to maintain the minimum capital requirement unimpaired by losses.

The regulator said these shortcomings constituted serious violations of banking regulations and justified the withdrawal of the institutions' licences.

The apex bank said the latest enforcement action forms part of its ongoing efforts to strengthen supervision of Nigeria's financial system and ensure that licensed institutions operate in compliance with extant laws and prudential guidelines.

"The revocation of the licences 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 said.

It added that it remains committed to promoting a safe, sound and resilient financial system through effective supervision and enforcement where necessary.

"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 revocation of the 46 licences is the latest step in the CBN's intensified supervision of banks and other financial institutions under Governor Cardoso's leadership.

The regulator has increasingly focused on improving corporate governance, risk management, regulatory compliance and financial stability, while taking enforcement actions against institutions that fail to meet minimum prudential standards.

Full list of Affected Microfinance Banks:

The latest move underscores the CBN's determination to strengthen confidence in Nigeria's banking sector by removing institutions that no longer satisfy the requirements for licensed financial operations.