Insufficient Assets: CBN Revokes Licences Of 46 Microfinance Banks

BY CHIKA OKEKE, Abuja

Governor of CBN, Olayemi Cardoso

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks effective July 1, 2026, over insufficient assets and other regulatory impediments.

This followed the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The apex bank revealed the decision in a statement issued on Wednesday and signed by the Ag. Director, Corporate Communications Department, Mrs Sidi-Ali, Hakama in Abuja.

According to CBN, the revocation was approved by its Governor, Olayemi Cardoso, just as the revocation order became necessary due to closure of operations without the CBN approval, as well as inactivity and cessation of financial intermediation.

Other issues listed for the revocation include failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.

The bank maintained that the revocation of the licenses is part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions complied with current laws and regulatory requirements.

It added: “The Central Bank of Nigeria remains committed to promoting a safe, sound, and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system.”

The latest decision is part of the apex bank’s mandate to protect depositors from the activities of middlemen, while insisting on corporate governance and regulatory compliance.

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