The Central Bank of Nigeria has withdrawn the operating licences of 46 microfinance banks over regulatory infractions and non-compliance.
CBN REVOKES 46 LICENCES
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing multiple regulatory violations, Daily Post reports.
In a statement issued on Wednesday by Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said the decision takes immediate effect and was made under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the affected institutions failed to meet key operational and prudential requirements, including maintaining adequate capital, sustaining operations, commencing business within the stipulated period and meeting liabilities.
Daily Post reports that the regulator said the move is aimed at protecting depositors, strengthening financial sector stability and ensuring compliance with banking laws and regulatory standards.
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