The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks for failing to comply with key regulatory requirements.
The decision, which took effect on July 1, 2026, was approved by the CBN Governor, Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said the affected institutions failed to meet the conditions required to continue operating as licensed financial institutions.
According to the CBN, the banks were found to have committed one or more regulatory breaches, including inadequate assets to cover liabilities, shutting down operations without the bank’s approval, prolonged inactivity, failure to begin operations within 12 months of receiving their licences, and inability to maintain the required minimum capital
The affected lenders include Tier 1, Tier 2 and State microfinance banks spread across several states, including Lagos, Kano, the Federal Capital Territory, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Some of the affected institutions are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW NOW Digital Microfinance Bank.
Several Kano-based microfinance banks were also affected, including Bompai Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Kanopoly Microfinance Bank and Esteem Microfinance Bank.
The CBN said the revocation is part of ongoing efforts to strengthen the financial system, protect depositors and ensure that licensed financial institutions comply with existing laws and regulatory standards.
The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system, adding that it will continue to take necessary supervisory actions to preserve public confidence in Nigeria’s banking sector.
