The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country, effective July 1, 2026, citing their failure to meet regulatory requirements for continued operation.
The decision, approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, was made pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The revocation takes immediate effect from July 1, 2026.
According to a statement signed by the Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi-Ali, the affected financial institutions lost their licences due to one or more regulatory infractions.
The CBN listed the reasons for the revocation to include insufficient assets to meet liabilities, closure of operations without the Bank’s 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 requirements unimpaired by losses.
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 that licensed financial institutions comply with existing 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 read.
Among the affected institutions are Gold Microfinance Bank, Safegate Microfinance Bank, Supreme Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Entrepreneur Microfinance Bank, Verdant Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Winview Microfinance Bank, and 36 others spread across Lagos, Kano, Abuja, Rivers, Abia, Kaduna, Ogun, Niger, Kebbi, Delta, Plateau, Benue, Ondo, Osun, Cross River, Bayelsa, Anambra, Oyo, Kwara, and other states.
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