The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the revocation took effect from July 1, 2026, following the approval of the Governor, Olayemi Cardoso.
The bank said the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The affected institutions were found to have violated one or more regulatory conditions required to continue operating as licensed financial institutions.
The CBN said the breaches included inadequate assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence business within 12 months of obtaining licences, and failure to maintain the required minimum capital.
The affected lenders include Tier 1, Tier 2 and State microfinance banks located across several states, including Lagos, Kano, the Federal Capital Territory, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Among the banks whose licences were withdrawn are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate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.
Several microfinance banks in Kano State 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 move forms part of its ongoing efforts to strengthen the financial sector, protect depositors and ensure compliance with banking regulations.
The apex bank reaffirmed its commitment to maintaining a safe, stable and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory actions where necessary to sustain public confidence in Nigeria’s financial sector.
The development comes as the Nigeria Deposit Insurance Corporation (NDIC) recently disclosed that more than 281 million depositors across the country’s banking system are protected against bank failures through the nation’s deposit insurance scheme.
