Di Central Bank of Nigeria (CBN) don revoke di operating licenses of 46 Microfinance Banks for di kontri wit immediate effect.
For statement wey di highest bank for Nigeria release on Wednesday July 1, 2026, CBN tok say dem revoke di license “in accordance wit dia powers under Sections 12 and 13 of di Banks and Other Financial Institutions Act (BOFIA), 2020.”
According to di statement wey Sidi-Ali, Hakama wey be di Ag. Director, Corporate Communications Department sign, Governor of di Central Bank of Nigeria, Mr. Olayemi Cardoso na im give di approval.
Na on Wednesday 1 July, 2026 di Microfinance banks go to stop to operate a dem don oficially lose dia license.
Di Central Bank of Nigeria say dis 46 banks don match line as dem fail to meet some of di requirements.
Di banks failure to meet di regulatory requirements wey go allow dem to continue operation as licensed financial institutions.
According to di CBN statement, di revocation order action dey necessary sake of some circumstances wey include:
i. Insufficient assets to meet liabilities – Dem no get enuf money to meet liabilities incase of kasala or emergency wahala for di bank.
Closure of operations without di CBN approval – Some of dem don already close business but dem no inform CBN bifor dem close dowm.
Inactivity and cessation of financial intermediation – Some no dey do any banking activity or work.
Failure to commence operations within 12 months of licence approval – Some of di banks neva start to operate even afta 12 months wey dem collect dia license.
Failure to maintain minimum capital funds unimpaired by losses.
CBN say one of di reasons why dem revoke di license dem na “part of di Bank ongoing efforts to safeguard di stability of di financial sector, protect depositors, and ensure say licensed institutions comply wit current laws and regulatory requirements.”
Di CBN say dia work na to promote safe, sound and resilient financial system wey go continue to take appropriate supervisory and regulatory actions wen e dey necessary.
Dis na to maintain public confidence for di Nigerian financial system.
Di 46 Microfinace banks dey across di kontri and dem dey for different categories.
