Full List: CBN Shuts Down 46 Microfinance Banks In Major Crackdown

The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks nationwide, with the revocation taking effect from July 1, 2026.....KINDLY READ THE FULL STORY HERE▶

The decision was announced in a statement issued on Wednesday by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali.

According to the apex bank, the action was taken in line with the powers conferred on it under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN disclosed that the revocation received the approval of its Governor, Olayemi Cardoso, after the affected institutions failed to satisfy the regulatory requirements necessary to retain their licences.

The regulator stated that investigations revealed that the banks had violated one or more provisions governing the operations of licensed financial institutions.

Among the reasons cited for the licence withdrawal were insufficient assets to meet financial obligations, suspension of operations without prior approval from the CBN, prolonged inactivity, failure to commence business within one year of receiving a licence, and non-compliance with the minimum capital requirements.

The apex bank explained that the move is part of its ongoing efforts to strengthen the stability of Nigeria’s financial system and ensure that all licensed financial institutions operate in compliance with existing banking laws and regulatory standards.

The CBN also released the full list of the 46 affected microfinance banks.