CBN withdraws licences of 46 microfinance banks over regulatory breaches

THE Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with immediate effect, citing their failure to comply with key regulatory requirements.

The decision, which took effect today, July 1, 2026, was approved by CBN Governor Olayemi Cardoso and announced in a statement by the Acting Director of Corporate Communications, Hakama Sidi-Ali.

The apex bank stated that the action was taken in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the affected institutions were found to have committed one or more regulatory violations, including having insufficient assets to meet liabilities, shutting down operations without regulatory approval, remaining inactive or ceasing financial intermediation, failing to commence operations within 12 months of obtaining licences, and not maintaining the required minimum capital.

The bank said the move forms part of its ongoing efforts to strengthen the financial system, safeguard depositors’ funds, and ensure that licensed financial institutions operate in line with existing laws and prudential standards.

The affected microfinance banks are spread across several states, including Lagos, Kano, Rivers, Abia, Ogun, Niger, Kaduna, Plateau, Ondo, Delta, Oyo, Cross River, Benue, Bayelsa, Kebbi, Kwara, Osun, Anambra, Akwa Ibom, Abuja, and others.

Among the institutions whose licences were withdrawn are Gold Microfinance Bank, Creditville Microfinance Bank, Safegate Microfinance Bank, Supreme Microfinance Bank, Entrepreneur Microfinance Bank, Now Now Digital Microfinance Bank, Merchant Microfinance Bank, Apple Microfinance Bank, Creekline Microfinance Bank, OurPass Microfinance Bank, Stanford Microfinance Bank, and Avantus Microfinance Bank, alongside 34 others.

The CBN reaffirmed its commitment to maintaining a safe, stable, and resilient financial sector, stressing that it will continue to take appropriate supervisory and enforcement actions against institutions that fail to meet regulatory standards.