The Central Bank of Nigeria (CBN) revokes the operating licences of 46 microfinance banks (MFBs) across the country. Multiple outlets report that the CBN bases the decision on regulatory breaches and failure to meet required standards for continued operation. The CBN announces the measure in a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
Several reports say the revocation takes effect immediately, while one outlet specifies an effective date of July 1, 2026. Outlets also cite the legal basis for the action under the CBN’s powers in the Banks and Other Financial Institutions Act (BOFIA), 2020, particularly sections 12 and 13.
In addition to stating that one or more institutions committed breaches, the reports indicate that the CBN’s move is intended to strengthen regulatory compliance in the microfinance sector and safeguard depositors’ funds, though the detailed reasons for each bank are provided through full lists published by the outlets. Across sources, the central point is that the affected MFB licences are withdrawn following CBN supervision and assessment.
