The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 microfinance banks, effective July 1, 2026.

According to the apex bank, the decision was taken after the institutions failed to meet regulatory requirements under the Banks and Other Financial Institutions Act (BOFIA).

Reasons for Revocation

• Insufficient Assets: Unable to meet liabilities.
• Closed Operations: Shut down without approval.
• Inactive Institutions: Remained dormant for extended periods.
• Failure to Commence: Did not begin operations within required timeframe.
• Capital Deficiency: Could not maintain minimum capital requirements.

The CBN emphasized that the move is aimed at safeguarding financial stability, protecting depositors, and strengthening confidence in Nigeria’s banking system.