The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operations.
The apex bank disclosed this in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
The revocation, which took effect from July 1, 2026, followed the approval of the CBN Governor, Olayemi Cardoso.
According to the statement, the action was taken in line with the powers conferred on the CBN under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.
The CBN said the revocation was approved after the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.
These included insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving licences and failure to maintain the prescribed minimum capital unimpaired by losses.