Business
By Anthony Isibor
THE Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over their failure to meet regulatory requirements.
The apex bank announced on Thursday in a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali that the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso.
According to the CBN, the action was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, after the affected institutions failed to satisfy the conditions required for continued operation as licensed financial institutions.
The CBN said the decision became necessary because the affected banks were found to have committed one or more serious regulatory breaches, including:
•Insufficient assets to meet their liabilities;
Closure of operations without obtaining the approval of the CBN
•Inactivity and cessation of financial intermediation
•Failure to commence operations within 12 months of receiving their licences; and
Failure to maintain the minimum capital funds unimpaired by losses.
“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.
The apex bank added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take appropriate supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial system.
A.I
July 2, 2026
Tags: CBN Hakama Sidi-Ali Olayemi Cardoso.