JUST IN: CBN REVOKES LICENSES OF 46 MICROFINANCE BANKS OVER REGULATORY VIOLATIONS

CBN REVOKES LICENSES OF 46 MICROFINANCE BANKS OVER REGULATORY VIOLATIONS


The Central Bank of Nigeria (CBN) has officially revoked the operating licenses of 46 Microfinance Banks across the country as part of efforts to strengthen regulatory compliance and protect the stability of Nigeria’s financial system.

In a press statement issued on Wednesday, July 1, 2026, the apex bank confirmed that the revocation took immediate effect following approval by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso.

According to the statement, the decision was made in line with the powers granted to the CBN under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, after the affected institutions failed to meet key regulatory requirements necessary for continued operation as licensed financial institutions.

The CBN explained that the action became necessary due to several operational and financial infractions identified among the affected banks.

Among the reasons cited for the revocation were insufficient assets to meet liabilities, closure of operations without obtaining prior approval from the apex bank, prolonged inactivity and cessation of financial intermediation activities, failure to commence operations within 12 months after license approval, and inability to maintain the required minimum capital base without impairment caused by financial losses.

The regulatory action forms part of the Central Bank’s ongoing supervisory measures aimed at ensuring financial institutions operate within established legal and regulatory frameworks while protecting customers and depositors from potential financial risks.

The apex bank emphasized that maintaining confidence in Nigeria’s financial sector remains a top priority, adding that only institutions capable of meeting operational and capital requirements will be allowed to continue providing financial services under the nation’s banking regulations.

The statement further reaffirmed the commitment of the Central Bank of Nigeria to promoting a safe, resilient, and transparent financial system capable of supporting economic growth and protecting the interests of the public.

Industry analysts believe the move reflects intensified regulatory oversight within Nigeria’s banking sector as authorities continue efforts to improve accountability and financial discipline among licensed financial institutions nationwide.

The statement was signed by Mrs. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department of the Central Bank of Nigeria.





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