The Central Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks across Nigeria.
The Apex Bank disclosed that the revocation follows several reasons including insufficient assets to meet liabilities and unapproved closure of operations. The CBN added that inactivity and cessation of financial intermediation, alongside failure to commence operations within 12 months of license approval are additional reasons.
Additionally, the CBN noted that some banks failed to maintain minimum capital funds unimpaired by losses.
Per the statement;
The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continue operation as licensed financial institutions.
The CBN highlighted that the revocation will take effect from July 1, 2026 is in accordance with its constitutional powers.
“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 and regulatory requirements,” the bank emphasized.
Notably, the affected banks are spread across Nigeria.
See list below:
