The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over their failure to meet key regulatory requirements for continued operations.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso.
According to the CBN, the action was taken under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The regulator said the affected institutions failed to satisfy the conditions required to retain their operating licences.
It explained that the infractions included insufficient assets to meet liabilities, failure to commence operations within the stipulated period, prolonged inactivity, cessation of financial intermediation, closure of operations without regulatory approval and failure to maintain the prescribed minimum capital.
The CBN said the measure forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors and ensure compliance with banking regulations.
Full List of the 46 Affected Microfinance Banks
The revoked licences cut across Tier 1, Tier 2 and State Microfinance Banks operating in different parts of Nigeria.
Some of the affected institutions include;
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
Other affected banks are spread across Lagos, Kano, the Federal Capital Territory (Abuja), Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra states.
The CBN said the licence revocations are part of broader supervisory measures aimed at maintaining a safe, sound and resilient financial system.
“The revocation of the licences 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 said.
The apex bank reaffirmed its commitment to taking appropriate regulatory actions whenever necessary to preserve public confidence in Nigeria’s banking sector.