Full List: CBN revokes licence of 46 microfinance banks

By Adebola Isimijola, Lagos

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) nationwide over their failure to meet regulatory requirements for continued operation.

The revocation, which took effect from July 1, 2026, was approved by the Governor of the CBN, Mr. Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

In a press statement issued on Wednesday and signed by the Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the affected institutions failed to satisfy conditions necessary for operating as licensed financial institutions.

According to the CBN, the action became necessary due to one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence operations within 12 months of licence approval, and inability to maintain the required minimum capital.

The bank stated that the measure forms part of ongoing efforts to strengthen the nation’s financial system and protect depositors.

“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.

Among the affected institutions are Gold MFB, Merchant MFB, Safegate MFB, Supreme MFB, Creditville MFB, Frontline MFB, Ourpass MFB and several others operating across different states of the federation.

The CBN reiterated its commitment to maintaining a safe, sound and resilient financial system through sustained supervisory and regulatory oversight.

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement added.