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Shock Move! CBN Revokes Licences of 46 Microfinance Banks, Releases Full List

CBN
CBN

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country with effect from July 1, 2026.

The apex bank announced the decision in a statement signed by its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, on Wednesday.

According to the CBN, the action was taken pursuant to the powers conferred on it by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The statement said the withdrawal of the licences was approved by the Governor of the CBN, Mr Olayemi Cardoso, after the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.

The bank explained that the affected microfinance banks were found to have breached one or more provisions of the regulatory framework guiding their operations.

According to the CBN, some of the infractions include insolvency, where the institutions’ assets were insufficient to meet their liabilities, cessation of banking operations without the approval of the apex bank, prolonged inactivity, failure to commence operations within one year of being licensed, and inability to maintain the prescribed minimum capital requirement.

The CBN said the decision forms part of its ongoing efforts to safeguard the stability of Nigeria’s financial system and strengthen regulatory compliance among licensed financial institutions.

It reiterated its commitment to ensuring that banks operating in the country adhere strictly to extant laws, prudential guidelines and other regulatory requirements aimed at protecting depositors and preserving confidence in the financial sector.

The apex bank advised customers of the affected institutions to await further directives regarding the resolution process in line with existing regulatory procedures.

The CBN also released the list of the affected microfinance banks whose operating licences have been withdrawn.

See affected banks below

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Frank
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Franklin Ugo Ndibe is a seasoned Nigerian journalist and media professional renowned for his incisive reporting and editorial leadership in the information and communications technology (ICT) sector.

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