The CBN has revoked the licences of 46 microfinance banks over regulatory breaches, including weak capital, inactivity and unauthorised closure of operations.
CBN REVOKES 46 MFB LICENCES
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements, The PUNCH reports.
The revocation took effect from July 1, 2026, following approval by CBN Governor Olayemi Cardoso. In a statement signed by Acting Director of Corporate Communications Hakama Sidi-Ali, the apex bank said the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.
According to the CBN, the affected institutions failed to satisfy the conditions required to remain licensed. The infractions cited include insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the prescribed minimum capital unimpaired by losses.
The affected lenders comprise Tier 1, Tier 2 and State microfinance banks spread across Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Some of the affected microfinance banks:
- Gold Microfinance Bank
- Creditville Microfinance Bank
- Supreme Microfinance Bank
- Winview Microfinance Bank
- Merchant Microfinance Bank
- Safegate Microfinance Bank
- NOW NOW Digital Microfinance Bank
- 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
- Esteem Microfinance Bank
The CBN said the revocation is part of ongoing efforts to safeguard financial sector stability, protect depositors and ensure compliance with existing laws and regulatory requirements. The apex bank added that it remains committed to promoting a safe, sound and resilient financial system and will continue taking supervisory and regulatory action where necessary to maintain public confidence in the Nigerian financial system.
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