Nigeria: Central Bank Revokes Operating Licences of 46 Microfinance Banks Over Regulatory Breaches
The action follows regulatory breaches including insufficient assets and inactivity, as the apex bank says it is protecting depositors and financial stability.
- On Wednesday, July 1, 2026, The Central Bank of Nigeria revoked the operating licenses of 46 microfinance banks to strengthen financial sector stability and enforce regulatory compliance across the country.
- Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi-Ali announced the apex bank executed revocations under Sections 12 and 13 of the Banks and Other Financial Institutions Act , 2020.
- Specific regulatory infractions included insufficient assets to meet liabilities, closure without approval, prolonged inactivity, failure to commence business within 12 months, and failure to maintain required minimum capital.
- "The revocation of the licenses 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," The CBN stated.
- To maintain public confidence in the Nigerian financial system, The Central Bank will continue taking appropriate supervisory actions, remaining committed to promoting a safe, sound, and resilient financial system.
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Nigeria: Central Bank Revokes Operating Licences of 46 Microfinance Banks Over Regulatory Breaches
Abuja -- The Central Bank of Nigeria (CBN), Wednesday revoked the operating licences of 46 microfinance banks across the country, citing persistent regulatory violations and failure to meet the minimum conditions required to continue operating as licensed financial institutions.
Full list of 46 microfinance banks CBN revoked their licences
The Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements. The apex bank announced the decision in a statement issued on Wednesday, saying the revocation takes immediate effect. 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, with the approval of the Governo…
NDIC takes over 46 banks after CBN licence revocation - Lagos Television
The Nigeria Deposit Insurance Corporation (NDIC) has taken over the assets and operations of 46 microfinance banks following the revocation of their operating licences by the Central Bank of Nigeria (CBN). The NDIC warned Nigerians against conducting any transactions with the affected institutions, stating that they are no longer legally permitted to operate. In a...
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