The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country over their failure to comply with regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the revocation took effect from July 1, 2026, and was carried out in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
More details shortly…
