Economy
THE Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, citing their failure to meet regulatory requirements for continued operation.
The decision, announced in a statement on Wednesday, was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020 and approved by the Governor of the CBN, Olayemi Cardoso.
It said the affected institutions failed to satisfy conditions required to retain their licences. cbn.gov.ng
The apex bank said the revocation became necessary due to one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the required minimum capital unimpaired by losses.
According to the CBN, the action forms part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure that licensed financial institutions comply with extant laws and regulatory standards.
The bank reaffirmed its commitment to promoting a safe, sound and resilient financial system, stating that it would continue to take appropriate supervisory and regulatory measures to sustain public confidence in Nigeria’s financial system.
F.O
Tags: CBN License Microfinance bank