The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country for failing to meet key regulatory requirements.
The apex bank disclosed this in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the statement, the revocation took effect from July 1, 2026, following approval by the CBN Governor, Olayemi Cardoso.
The decision was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020, which empowers the regulator to withdraw licences where financial institutions fail to comply with operational standards.
The CBN said the affected institutions were found to have failed to satisfy regulatory conditions required to continue operating as licensed financial entities.
It added that the action became necessary after one or more infractions were established against the banks.
Among them are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW NOW Digital Microfinance Bank.
The regulator reaffirmed its commitment to maintaining stability and confidence in the financial system, warning operators to comply strictly with existing banking regulations.
