The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, effective July 1, 2026, over their failure to comply with regulatory requirements under the Banks and Other Financial Institutions Act (BOFIA).
According to the apex bank, the affected institutions were found to have violated key regulatory standards, including maintaining insufficient assets to meet liabilities, ceasing operations without regulatory approval, remaining inactive for prolonged periods, failing to commence business within the prescribed timeframe, or falling short of the minimum capital requirements.
The CBN said the revocation is part of its efforts to protect depositors, strengthen financial sector stability, and boost public confidence in Nigeria’s banking system.
Customers are advised to check whether their microfinance bank is among the affected institutions and seek clarification from the appropriate authorities where necessary.
The list of the 46 affected microfinance banks has been published by the CBN.
