The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing multiple regulatory breaches including inadequate capital, prolonged inactivity, and failure to comply with banking regulations.
The revocation, which took effect from July 1, 2026, was approved by CBN Governor Olayemi Cardoso in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. In a statement signed by the Acting Director of the Corporate Communications Department, Mrs Hakama Sidi-Ali, the apex bank said the affected institutions failed to meet the regulatory requirements for continued operation as licensed financial institutions.
According to the CBN, the action became necessary due to one or more of the following circumstances: insufficient assets to meet liabilities, closure of operations without prior approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
The revocation forms part of the CBN’s ongoing efforts to strengthen the country’s financial system and protect depositors. “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.
Reaffirming its commitment to financial sector stability, the apex bank added that it remains dedicated to promoting a safe, sound, and resilient financial system. It pledged to continue taking appropriate supervisory and regulatory actions where necessary to maintain public confidence in the Nigerian financial system.
The affected institutions are spread across various states, with a notable concentration in Kano. They include Minji-Se Churchill Microfinance Bank in Rivers State, Merchant Microfinance Bank and Abia SME Microfinance Bank in Abia State, Janmaa Microfinance Bank in Kwara State, and several others in Lagos, Niger, Kebbi, Ogun, Plateau, Delta, Oyo, Cross River, Akwa Ibom, Anambra, Kaduna, Benue, Ondo, and Osun states, among them Gold Microfinance Bank, Zain Microfinance Bank, Bompai Microfinance Bank, NOW NOW Digital Microfinance Bank, and Creditville Microfinance Bank.
A story of courage, wonder, and the transformative power of self-belief; perfect for readers aged 10+ who love adventure. To place order: +234 806 130 3237 | +234 803 582 0870 OR Tap the link to grab a copy:https://www.zeekapublish.com/product/the-magical-life-of-anna
