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CBN Revokes Operating Licenses of 46 Microfinance Banks
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The Central Bank of Nigeria has revoked the operating licenses of 46 microfinance banks with effect from July 1, 2026.
The action, approved by CBN Governor Olayemi Cardoso, was taken under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020. In a statement by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN said the affected institutions failed to meet the regulatory requirements for continued operation as licensed financial institutions.
The reasons for the revocations include insufficient assets to meet liabilities, closure of operations without CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the required minimum capital funds unimpaired by losses.
Among the affected institutions are Now Now Digital MFB, Sycamore MFB, Creditville MFB, Apple MFB, Merchant MFB, Gold MFB, Frontline MFB, Safegate MFB, OurPass MFB, and Verdant MFB, among others. The CBN stated that the revocation is part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.
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