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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, citing persistent regulatory violations and failure to meet the requirements for continued operation. The decision, approved by CBN Governor Olayemi Cardoso, was made under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. According to the apex bank, the affected institutions were found to have committed one or more serious infractions, including insufficient assets to meet liabilities, prolonged inactivity, closure of operations without regulatory approval, failure to commence business within 12 months of licensing, and inability to maintain the required minimum capital.
The affected lenders span Tier 1, Tier 2 and State microfinance banks across several states, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra. Among those whose licences were withdrawn are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, NOW NOW Digital Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank, Sycamore Microfinance Bank, Bompai Microfinance Bank, Minjibir Microfinance Bank and several others. The move forms part of the CBN’s ongoing efforts to strengthen regulatory compliance and ensure only financially sound institutions operate within Nigeria’s banking sector.
Reaffirming its commitment to a safe and resilient financial system, the CBN said it will continue to take supervisory actions where necessary to protect depositors and maintain public confidence in the country’s financial sector. The development comes as the Nigeria Deposit Insurance Corporation (NDIC) continues to assure depositors of protection under its deposit insurance scheme, which covers the overwhelming majority of bank customers in the event of bank failures.
