The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing persistent regulatory infractions and failure to meet minimum requirements for continued operation.
The revocation, which takes immediate effect from July 1, 2026, was announced in a statement issued on Wednesday by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the decision was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following the approval of CBN Governor Olayemi Cardoso.
The regulator said the affected institutions failed to comply with critical prudential and operational requirements necessary for maintaining their licences as financial institutions.
The CBN explained that the action became necessary due to one or more violations, including insufficient assets to cover liabilities, unauthorized closure of operations, prolonged inactivity and cessation of financial intermediation activities, failure to commence operations within 12 months of receiving licences, and inability to maintain minimum capital requirements unimpaired by losses.
The affected microfinance banks are spread across several states, including Lagos, Kano, Kaduna, Kebbi, Niger, Ogun, Rivers, Delta, Benue, Plateau, Ondo, Osun, Cross River, Anambra, Bayelsa, Oyo, Abia, Kwara, Akwa Ibom and the Federal Capital Territory.
Among the institutions affected are Gold MFB, Creditville MFB, Supreme MFB, Verdant MFB, Entrepreneur MFB, Safegate MFB, Bompai MFB, Kanopoly MFB, Zain MFB, Stanford MFB, Winview MFB and OurPass MFB.
The apex bank said the move forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, safeguard depositors’ funds and ensure strict compliance with existing banking regulations.
“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.
Industry observers say the latest revocation underscores the regulator’s renewed drive to sanitize the microfinance banking sector and enforce higher standards of corporate governance, capitalization and operational efficiency among licensed institutions.