The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet regulatory requirements for continued operation.
CDA News Nigeria reports that the apex bank announced the decision in a statement issued on Wednesday, stating that the revocation took effect from July 1, 2026. The action was approved by CBN Governor, Olayemi Cardoso, in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
CDA News Nigeria gathered that the affected institutions were found to have breached one or more regulatory conditions, including inadequate capital, inactivity, unauthorized closure of operations, and failure to meet licensing requirements.
Some of the affected banks include Merchant MFB (Abia), Abia SME MFB (Abia), Gold MFB (Lagos), NOW NOW Digital MFB (Kano), Sycamore MFB (Kano), Creditville MFB (Lagos), Apple MFB (Ogun), Frontline MFB (Anambra), OurPass MFB (Ondo), Verdant MFB (Lagos), Entrepreneur MFB (Lagos), and Avantus MFB (Osun), among others.
According to the CBN, the measure is part of ongoing efforts to strengthen Nigeria’s financial system, protect depositors, and ensure that licensed financial institutions comply with established regulations. The apex bank assured the public that the decision was taken in the interest of financial stability and sound banking practices.
The development marks one of the largest single revocations of microfinance bank licences in recent years as regulators intensify oversight of the financial sector.
All rights reserved ©2026 CDA News Nigeria.
Contact: [info@cdanews.ng](mailto:info@cdanews.ng), [www.cdanews.ng](http://www.cdanews.ng), +2348030980314 | 348 Ikwerre Road, Port Harcourt, Rivers State.
