By Mary Onyia
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks for failing to meet key regulatory requirements.
The revocation, which took effect on July 1, 2026, was announced in a statement on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
The apex bank said the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, after the affected institutions failed to satisfy the conditions required to remain licensed.
According to the CBN, the banks were found guilty of serious regulatory breaches, including inadequate assets to cover liabilities, failure to maintain minimum capital, prolonged inactivity, shutting down operations without approval, and failing to commence business within 12 months of obtaining licences.
The regulator said the move is part of efforts to strengthen banking supervision, protect depositors’ funds, and ensure compliance with banking laws and prudential standards.
“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.
The affected institutions cut across Tier 1, Tier 2, and State Microfinance Banks in several states, including Gold MFB, NOW NOW Digital MFB, Sycamore MFB, Creditville MFB, Crystal Microfinance Bank, Safegate MFB, and Supreme MFB, among others.
The CBN reaffirmed its commitment to maintaining a safe, stable, and resilient financial system, warning that it would continue to sanction institutions that fail to comply with regulatory standards.