By Ayorinde Oluokun
The Central Bank of Nigeria (CBN) on Wednesday announced the revocation of licenses of 46 micro finance banks spread across the country.
The revocation of the licenses was announced in a statement signed by Sidi-Ali Hakama (Mrs), the Acting Director of Director, Corporate Communications Department of the apex bank.
According to the statement, the licenses of the banks were revoked from July 1, 2026, in accordance with powers conferred on the CBN bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The statement further indicated that the revocation was approved by CBN governor, Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
Hakama cited the reasons for the revocation of the licenses of the micro finance banks to include insufficient assets to meet liabilities, closure of operations without the CBN 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 of the licenses 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 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,” Hakama said.
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