The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with immediate effect, citing widespread regulatory breaches and failure to meet requirements for continued operations.
In a statement issued on Wednesday, the apex bank said the decision, approved by CBN Governor Olayemi Cardoso, was made under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the bank, the affected institutions were found to have insufficient assets to meet liabilities, ceased operations without approval, remained inactive, failed to commence business within 12 months of receiving licences, or could not maintain the required minimum capital.
The CBN said the action forms part of its ongoing efforts to protect depositors, strengthen confidence in the banking system and ensure compliance with regulatory standards.
It reaffirmed its commitment to maintaining a safe, sound and resilient financial system through continued supervisory actions where necessary.