The Central Bank of Nigeria, CBN, has withdrawn the operating licences of 46 microfinance banks nationwide for failing to meet regulatory requirements, in its latest bid to sanitise the sub-sector.
The apex bank announced the action on Wednesday in a statement signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the revocation took effect from July 1, 2026, with the approval of Governor Olayemi Cardoso.
The action was carried out under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.
The affected banks were found to have breached key licensing conditions, including Insufficient assets to cover liabilities, Closing operations without regulatory approval, Prolonged inactivity, Failure to commence business within 12 months of licensing and Failure to maintain the required minimum capital.
The list of those affected cuts across Tier 1, Tier 2 and State microfinance banks in Lagos, Kano, the FCT, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Some of the lenders affected include Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank, and NOW Digital Microfinance Bank.
In Kano State alone, nine institutions lost their licences: Bompai, Minjibir, Shanono, Sumaila, Rimin Gado, Sycamore, TOFA, Kanopoly and Esteem Microfinance Banks.
The CBN said the enforcement is part of ongoing efforts to strengthen the financial system, protect depositors, and ensure strict compliance with banking regulations.
“The Bank remains committed to maintaining a safe, stable and resilient financial system,” the statement added, noting that further supervisory actions will be taken where necessary to sustain public confidence.
The development comes days after the Nigeria Deposit Insurance Corporation, NDIC, said more than 281 million depositors are protected against bank failures under the country’s deposit insurance scheme.
