CBN Revokes Licences of 46 Microfinance Banks, Releases Full List

CBN Revokes Licences of 46 Microfinance Banks following a major regulatory action aimed at strengthening Nigeria’s financial system and protecting depositors from struggling financial institutions.

The Central Bank of Nigeria (CBN) announced the immediate revocation of the operating licences of 46 microfinance banks across the country after determining that the affected institutions failed to meet the regulatory requirements necessary for continued operation.

The decision, which took effect on July 1, 2026, was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the apex bank said the regulatory action became necessary after comprehensive supervisory assessments of the affected financial institutions.

The CBN explained that CBN Revokes Licences of 46 Microfinance Banks because the institutions failed to satisfy one or more of the statutory conditions required to remain licensed financial institutions in Nigeria.

Among the reasons cited by the apex bank were insufficient assets to meet liabilities, prolonged inactivity, failure to commence operations within the required period, closure of business without regulatory approval, and inability to maintain the minimum capital requirements prescribed by law.

Specifically, the CBN listed the grounds for revocation as:

• Insufficient assets to meet liabilities.
• Closure of operations without prior approval from the CBN.
• Inactivity and cessation of financial intermediation.
• Failure to commence operations within 12 months after licence approval.
• Failure to maintain minimum capital funds unimpaired by losses.

The apex bank emphasized that the move forms part of its broader commitment to maintaining a stable, transparent and resilient financial sector capable of protecting depositors and sustaining confidence in Nigeria’s banking industry.

According to the CBN, regulatory enforcement remains a critical tool for ensuring that only financially sound institutions continue to operate within the country’s financial system.

The bank reiterated that it will continue to monitor licensed institutions and will not hesitate to take supervisory actions whenever operators fail to comply with existing banking regulations.

The statement further noted that the revocation aligns with ongoing reforms introduced under Governor Olayemi Cardoso to strengthen financial sector governance, improve compliance, and enhance public trust in licensed financial institutions.

Several of the affected microfinance banks operate across different categories, including Tier 1, Tier 2, and State Microfinance Banks, with institutions spread across Lagos, Kano, Rivers, Ogun, Delta, Kaduna, Kebbi, Plateau, Niger, Abuja, Osun, Benue, Cross River, Bayelsa, Oyo, Anambra, Ondo, Kwara, Abia, Akwa Ibom and other states.

Among the affected institutions are Gold Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Merchant Microfinance Bank, Creekline Microfinance Bank, NOW NOW Digital Microfinance Bank, Verdant Microfinance Bank, Entrepreneur Microfinance Bank, OurPass Microfinance Bank, and several others.

The CBN stressed that CBN Revokes Licences of 46 Microfinance Banks as part of efforts to ensure that only financially viable institutions continue serving customers while protecting depositors from avoidable risks associated with weak financial institutions.

The regulator also assured Nigerians that it remains committed to promoting a safe, sound and resilient banking environment capable of supporting economic growth and financial inclusion across the country.

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Financial analysts believe the latest action sends a strong signal that regulatory compliance, adequate capitalization and prudent financial management remain non-negotiable for operators within Nigeria’s financial sector.

Customers of the affected banks are expected to receive further guidance from the Nigeria Deposit Insurance Corporation (NDIC) regarding the liquidation process and possible reimbursement of insured deposits in accordance with existing laws.

The CBN maintained that strengthening regulatory oversight remains essential to preserving confidence in Nigeria’s banking industry while ensuring that financial institutions operate in line with global best practices.

Full List of the 46 Affected Microfinance Banks