The Central Bank of Nigeria (CBN) revoked the operating licences of 46 microfinance banks, citing insufficient assets to meet liabilities, closure of operations without CBN approval, and inactivity and cessation of financial intermediation as grounds for the action, according to the revocation order.
Five of the affected banks are owned or operated by Nigerian fintech startups. The CBN announced the revocations in a statement by Hakama Sidi-Ali, Acting Director of the Corporate Communications Department, effective July 1, 2026.
The action was taken in accordance with powers conferred on the CBN under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. CBN Governor Olayemi Cardoso approved it.
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Last updated: July 1, 2026
