CBN’s revocation of microfinance bank licenses signals serious regulatory concerns – Economist warns

The revocation of the operating licenses of 13 microfinance banks in Kano has raised concerns among customers and small business owners, with an economist warning that such action by the Central Bank of Nigeria (CBN) usually points to significant financial or governance problems.
The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 microfinance banks across Nigeria over their failure to meet regulatory requirements for continued operation.
In a statement issued on Wednesday, the apex bank said the revocation took effect from July 1, 2026, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the acti...