The Central Bank of Nigeria (CBN) revokes the operating licences of 46 microfinance banks (MFBs) across Nigeria, citing regulatory breaches and failure to meet requirements for continued operation. Multiple outlets report that the CBN announces the decision in a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali, and says the action is taken in line with the CBN’s powers under the Banks and Other Financial Institutions Act (BOFIA) 2020. The reports state that the affected banks are not compliant with CBN regulations, including failures related to meeting stipulated conditions and regulatory standards. Some sources also mention inadequate activity or inactivity as part of the reasons the regulator gave for the revocations. Several outlets publish lists of the affected banks, indicating that the banks are spread across states. Premium Times and other publications note that Kano State accounts for the highest number of revoked licences, followed by Lagos. The CBN’s action is described as taking effect immediately, with one outlet specifying July 1, 2026, based on its interpretation of the statement’s timelines. The CBN presents the move as part of efforts to strengthen oversight and protect depositors’ interests.
CBN revokes licences of 46 microfinance banks for regulatory breaches
The Central Bank of Nigeria (CBN) revokes the operating licences of 46 microfinance banks (MFBs) across Nigeria, citing regulatory breaches and failure to meet requirements for continued operation. Mu...
- The CBN revokes the operating licences of 46 microfinance banks.
- The CBN cites regulatory breaches and failure to meet requirements for continued operation.
- The decision is attributed to powers under BOFIA 2020 and is communicated by Hakama Sidi-Ali.
- CBN says the revocations take effect immediately, with at least one report citing July 1, 2026.
- Lists of the affected banks are published across states, with Kano having the most and Lagos following.
The Central Bank of Nigeria revoked the licences of 46 microfinance banks over regulatory breaches, citing inadequate inactivity, and failure to meet requirements.
1 month agoOn the list of the 46 microfinance banks whose licences were revoked, Kano State accounted for the highest number with 13 banks, followed by Lagos with eight. The post FULL LIST: CBN revokes licences of 46 microfinance banks appeared first on Premium Times Nigeria.
1 month agoThe Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing their failure to meet regulatory requirements for continued operation. In a statement on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections […] The post FULL LIST: CBN Revokes Licences Of 46 Microfinance Banks appeared first on Information Nigeria.
1 month agoThe Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements. The post Full list of 46 microfinance banks CBN revoked their licences appeared first on Vanguard News.
1 month agoSidi-Ali said that the action was in accordance with CBN’s powers under sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. The post CBN revokes operating licenses of 46 MfBs for regulatory requirements failure appeared first on Vanguard News.
1 month agoThe CBN has revoked the operating licences of 46 microfinance banks due to regulatory breaches. Find the full list and reasons for the CBN revokes licences Read More: https://punchng.com/full-list-cbn-revokes-licences-of-46-microfinance-banks-over-breaches/
1 month ago
Mowbray Moslem Cemetery Board announces newly elected members after court-directed election
The Mowbray Moslem Cemetery Board announces 11 newly elected members. The election follows a process directed by a court...
Witness tells inquiry Transport Accident Commission support worsened her grief after child’s death
An inquiry hears evidence from Kerryn Airs, who says she witnessed the death of an eight-year-old child and that the Tra...
Tinubu orders 500 more CNG stations to expand to 1,000 nationwide
President Bola Tinubu orders the rollout of 500 additional compressed natural gas (CNG) refuelling stations, as part of...