Photo caption: The lGovernor of the Central Bank of Nigeria, Mr . Olayemi Cardoso. Photo: Courtesy CBN.
The Central Bank of Nigeria(CBN) has revoked the operating licences of 46 microfinance banks across the country.
The apex bank cited their failure to meet key regulatory requirements for continued operations as reasons
This was disclosed in a statement issued yesterday, Wednesday and signed CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the regulatory institution, the revocation took effect from July 1, 2026, followed the approval of the CBN Governor.
The CBN in the explained that the action was taken in line with the powers conferred on the CBN under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.
“The Central Bank of Nigeria has revoked the operating licenses of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement said
The revocation, the statement further explained was approved after the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” it further stated.
The decision to revoke the licences of the affected banks became necessary as a result of one or more of several infractions established against them.
The only infractions included: insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving licences 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 several states, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
The affected banks 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.
The statement informed several Kano-based institutions 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 CBN said the measure forms part of its broader efforts to strengthen financial sector stability and enforce compliance with existing laws.
“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 statement stated.
The CBN said it would continue to take supervisory and regulatory actions where necessary to ensure commitment to financial system stability
“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,” the apex bank assured.
Recall that the Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation(NDIC), Thompson Sunday, had disclosed during the second quarter 2026 Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja, that
Over 281 million depositors in Nigeria’s banking system are protected against bank failure, following reforms that significantly expanded deposit insurance coverage and accelerated reimbursement of customers of failed banks.
NDIC, the Chief Executive Officer, said currently provides deposit insurance coverage for 914 licensed financial institutions and that over 98 per cent of depositors are fully insured for their entire balances due to May 2024 upward review of deposit insurance limits .
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