🔥 Trending CBN Revokes Licenses of 46 Microfinance Banks: What You Need to Know

The Central Bank of Nigeria (CBN) revoked the operating licenses of 46 microfinance banks across the country, effective July 1, 2026 ²³⁵. This decision was approved by the CBN Governor, Yemi Cardoso, and was made in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020 ¹²⁵.

Reasons for Revocation

The primary reason cited for the revocation was the failure of these microfinance banks to meet regulatory requirements for continued operations ¹³⁵. More specifically, the CBN stated that these institutions had regulatory breaches, including inadequate activity and failure to meet necessary requirements ⁷⁹.

Impact and Scope

The revocation affects 46 microfinance banks nationwide ³⁶. Kano State had the highest number of affected banks, with 13 institutions losing their licenses, followed by Lagos State with 8 ⁴. Some of the microfinance banks whose licenses were revoked include NOW NOW Digital MFB, Sycamore MFB, and Creditville MFB ¹⁰.

This action by the CBN underscores its commitment to ensuring stability and compliance within the Nigerian financial sector.