CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Violation (Full List)

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 decision, which takes effect from July 1, 2026, was announced in a statement issued on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the apex bank, the revocation was approved by CBN Governor Olayemi Cardoso in line with the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the affected banks were sanctioned for one or more regulatory violations, including insufficient assets to meet liabilities, closure of operations without the bank’s approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving their licences, and failure to maintain the required minimum capital base.

The apex bank explained that the action forms part of its ongoing efforts to strengthen Nigeria’s financial system, protect depositors’ funds, and ensure that licensed financial institutions operate in compliance with existing laws and prudential regulations.

Reaffirming its commitment to financial sector stability, the CBN said it would continue to take appropriate supervisory and regulatory actions against institutions that fail to meet prescribed standards in order to maintain public confidence in the country’s banking system.

Full List: 46 Microfinance Banks Lose CBN Licences

Below is a full list of the microfinance banks with their operating licences revoked: