The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to comply with key regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the revocation took effect from July 1, 2026, following the approval of the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
The regulator said the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The Central Bank of Nigeria has revoked the operating licences of forty-six (46) Microfinance Banks with effect from 1 July 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement read.
The CBN explained that the affected institutions failed to meet the regulatory conditions required to continue operating as licensed financial institutions.
According to the statement, the revocation followed findings that one or more regulatory breaches had been established against the affected banks.
The infractions include inadequate assets to meet liabilities, suspension of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the minimum capital requirement unimpaired by losses.
The affected institutions cut across Tier 1, Tier 2 and State microfinance banks operating in several states, including Lagos, Kano, the Federal Capital Territory, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Among the banks whose licences were revoked are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW NOW Digital Microfinance Bank.
Several microfinance banks based in Kano State were also affected, including Bompai Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Kanopoly Microfinance Bank and Esteem Microfinance Bank.
The apex bank said the latest move forms part of its ongoing efforts to strengthen the Nigerian financial system, protect depositors, and ensure that licensed financial institutions comply with existing banking regulations.
