CBN Revokes Licences of 46 Microfinance Banks, See Full List of Affected Banks

The CBN has revoked the licences of 46 microfinance banks across Nigeria, with the decision taking effect from July 1, 2026, as part of efforts to strengthen the country’s financial system and protect depositors. 

According to the Central Bank of Nigeria (CBN), the affected institutions failed to comply with regulatory requirements contained in the Banks and Other Financial Institutions Act (BOFIA).

The apex bank explained that the affected microfinance banks were found to have one or more serious regulatory deficiencies, including insufficient assets to meet liabilities, unauthorised closure of operations, prolonged inactivity, failure to commence business within the required timeframe, or inability to maintain the minimum capital requirements prescribed by law.

The regulator said the decision was taken after due regulatory assessment and forms part of ongoing efforts to improve the stability and integrity of Nigeria’s banking sector.

According to the CBN, revoking the licences of non-compliant institutions will help safeguard the financial system, protect customers’ deposits and strengthen public confidence in licensed financial institutions.

Customers are advised to check whether their bank is among the affected institutions and follow further guidance that may be issued by the CBN or the Nigeria Deposit Insurance Corporation (NDIC) regarding claims and the resolution process where applicable.

Full List of CBN Revoked Microfinance Banks
 

The CBN reaffirmed its commitment to enforcing banking regulations and ensuring that only financially sound institutions continue to operate within Nigeria’s financial sectors.