CBN revokes licences of 46 microfinance banks

•NDIC commences liquidation of affected MFBs
From Adanna Nnamani , Abuja
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, over their failure to meet regulatory requirements for continued operation.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.
According to the CBN, the revocation was approved by its Governor, Mr. Olayemi Cardoso, in line with the powers conferred on the Bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected institutions f...