[BREAKING] 46 Microfinance Banks Lose Operating Licences as CBN Tightens Oversight

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MfBs) with effect from July 1, 2026, citing the lenders’ failure to meet regulatory requirements for continued operation.

The action, approved by the CBN Governor, Mr. Olayemi Cardoso, was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020, according to a notice signed by the Acting Director, Corporate Communications Department, Mrs. Hakama Sidi-Ali.

In its revocation order, the apex bank said the decision followed one or more conditions including insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital threshold unimpaired by losses.

The CBN said the move forms part of its ongoing efforts to safeguard financial-sector stability, protect depositors and ensure that licensed institutions comply with applicable laws and regulatory standards.

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement said.

The list of affected institutions spans multiple states and categories (including Tier 1, Tier 2 and state MFBs), with several based in Lagos, Kano, Abuja and other locations nationwide.

Here is the list of the affected banks: