CBN Revokes Licences Of 46 Microfinance Banks

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country after citing regulatory breaches by the affected institutions.

The revocation took effect on 1 July 2026 and was announced in a statement by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.

CBN Governor Olayemi Cardoso approved the decision under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.

The reasons listed include insufficient assets to meet liabilities, closure of operations without the apex bank’s approval, prolonged inactivity and cessation of financial intermediation.

The CBN also listed failure to commence business within 12 months of licence approval and failure to maintain minimum capital funds unimpaired by losses among the grounds for the action.

Channels TV reported that the CBN published the full list of the affected microfinance banks. Daily Trust also began listing the affected institutions, including Zain MFB, Ajwa MFB, Crystabel Microfinance Bank and Bellbank MFB.

The CBN said the revocation forms part of its efforts to protect depositors, safeguard stability in the financial sector and ensure that licensed institutions comply with current laws and regulatory rules.

The development is a major regulatory action in the microfinance sector and affects banks across several states. NaijaTrend has not reproduced the full licence-revocation list here; this report focuses on the regulatory decision, legal basis and reasons stated by the CBN.

The affected banks will no longer operate as licensed microfinance institutions unless a valid regulatory remedy is later announced.

Sources: Vanguard, Daily Post, Daily Trust, Channels TV