By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) with effect from July 1, 2026, citing their failure to meet regulatory requirements.
In a statement issued on Wednesday by Hakama Sidi-Ali, Acting Director of Corporate Communications, the apex bank said the revocation was approved by CBN Governor Olayemi Cardoso.
The action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
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According to the CBN, the affected banks failed to comply with one or more of the following:
Insufficient assets to meet liabilities
Closure of operations without CBN approval
Inactivity and cessation of financial intermediation
Failure to commence operations within 12 months of licence approval
Failure to maintain minimum capital funds unimpaired by losses
“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement read.
The CBN reiterated its commitment to maintaining a safe, sound, and resilient financial system.
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The revoked licences include institutions across various tiers and states. Some of the affected MFBs are:
Minji-Se Churchill MFB (Tier 1) – Rivers
Merchant MFB (Tier 2) – Abia
Janmaa MFB (Tier 1) – Kwara
Gold MFB (Tier 1) – Lagos
And 42 others spread across Kano, Lagos, Abuja, Plateau, and several other states.
The revocation follows the CBN’s March 2024 directive increasing the minimum capital requirements for financial institutions, with a deadline of March 31, 2026.
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In March 2026, the regulator announced that 30 banks had successfully met the new capital thresholds.
Customers and depositors of the affected microfinance banks have been advised to contact the CBN or the Nigeria Deposit Insurance Corporation (NDIC) for guidance on their funds.
This move is part of broader efforts to strengthen the microfinance sub-sector and protect the interests of depositors.
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By Ogungbayi Adeyemi S. (Beedee)
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