By Peter Omopo
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country with effect from July 1, 2026, citing their failure to meet regulatory requirements for continued operations.
The apex bank said the action was approved by its Governor, Olayemi Cardoso, in accordance with 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 retain their operating licences. The regulator explained that the decision was based on one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without prior approval, prolonged inactivity, cessation of financial intermediation, failure to commence operations within 12 months of licensing, and failure to maintain the statutory minimum capital requirement.
The apex bank said the revocation forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors and ensure that licensed financial institutions comply with existing laws and prudential regulations.
Among the affected institutions are Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Gold Microfinance Bank, Now Now Digital Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Entrepreneur Microfinance Bank, Verdant Microfinance Bank, Supreme Microfinance Bank, Apple Microfinance Bank, Winview Microfinance Bank, Crystabel Microfinance Bank, Frontline Microfinance Bank, Avantus Microfinance Bank and 31 other microfinance banks spread across several states of the federation.
The affected banks are located in Lagos State, Kano State, Abia State, Rivers State, Kwara State, Niger State, Bayelsa State, Kebbi State, Ogun State, Plateau State, Delta State, Oyo State, Cross River State, Anambra State, Kaduna State, Benue State, Ondo State, Osun State and the Federal Capital Territory.
The CBN reaffirmed its commitment to promoting a safe, sound and resilient financial system, stressing that it will continue to take appropriate supervisory and regulatory actions to preserve public confidence in Nigeria’s banking sector and ensure strict compliance with regulatory standards.
