CBN revokes over 40 banks’ licences 

By Philippine Duru

philippineobetoduru@gmail.com

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country for failing to meet regulatory requirements for continued operation.

The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, saying the revocation took effect from July 1, 2026.

According to the CBN, the action was taken in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the Governor of the Central Bank, Olayemi Cardoso.

The regulator said the affected institutions lost their licences due to one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the required minimum capital.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.

The CBN reiterated its commitment to maintaining a safe, sound and resilient financial system, adding that it would continue to enforce supervisory and regulatory measures to sustain public confidence in Nigeria’s banking sector.

Among the affected institutions are Minji-Se Churchill Microfinance Bank (Rivers), Merchant MFB (Abia), Janmaa MFB (Kwara), Gold MFB (Lagos), Zain MFB, formerly Dawakin Tofa MFB (Kano), Bompai MFB (Kano), Now Now Digital MFB (Kano), Chanelle MFB (Lagos), Creditville MFB (Lagos), Supreme MFB (Lagos), Safegate MFB (Lagos), Verdant MFB (Lagos), Entrepreneur MFB (Lagos), Avantus MFB (Osun), Casha MFB (Abuja), Winview MFB (Abuja), and several others spread across Kano, Kaduna, Kebbi, Niger, Ogun, Plateau, Delta, Oyo, Cross River, Benue, Ondo, Anambra, Bayelsa and Akwa Ibom states.

The latest development follows the CBN’s banking sector recapitalisation programme announced in March 2024, which raised the minimum capital requirements for banks and gave financial institutions until March 31, 2026, to comply.

On March 6, 2026, the apex bank disclosed that 30 banks had successfully met the new minimum capital threshold. The revocation of the licences of the 46 microfinance banks is seen as part of the regulator’s broader efforts to strengthen the country’s financial system and ensure that only financially sound institutions re

main in operation.