Reason Why we revoked the licences of 46 microfinance banks In Nigeria this Questions is a questions we have been getting from our Techregard fans from all the social media platforms today we are going to give you all the information you need to know about the Central Bank of Nigeria (CBN) revoking 46 microfinance banks In Nigeria
First of All the decision of Central Bank of Nigeria (CBN) revoking the licence of the 46 microfinance banks In Nigeria (MFBs) is going to take effect, July 1, 2026,
This is to inform the general public that The Central Bank of Nigeria (CBN) has stated the Reason Why their revoked the licences of 46 microfinance banks In Nigeria According the them in the press Release ”the Institutions no longer met the conditions required to operate as licensed financial institutions.
The immediate termination of 46 microfinance banks In Nigeria by The Central Bank of Nigeria (CBN) was approve by the current CBN Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to Central Bank of Nigeria agency this decision was made and approve to support in strengthening Nigeria’s financial system, protect depositors, and ensure licensed institutions to act in accordance with prudential regulations.
Reason CBN revoked the licences of 46 microfinance banks
CBN Stated that the reason why their revoke the 46 microfinance bank in Nigeria is Because of some bank inability to have insufficient assets to meet liabilities, shutting down operations without regulatory approval, and prolonged inactivity or cessation of financial intermediation.
their also disclose that some microfinance bank in Nigeria failure to start operations within twelve months of receiving a licence and failure to maintain the minimum capital required to continue operating as a microfinance bank. Rather than attributing every violation to every institution, the CBN noted that each licence was revoked for one or more of these grounds.
The apex bank said the enforcement action reflects its commitment to maintaining a “safe, sound and resilient financial system” and preserving public confidence in Nigeria’s banking sector. This latest development by the CBN comes weeks after it issued a six-month notice period to banks and fintechs, within which it mandated them to localise payment data. A move that has raised concerns from industry experts.
List of some microfinance banks that was revoked
below is the list of some microfinance banks In Nigeria that is facing the same issues it also also disclose by CBN that the major bank it effected is small microfinance because of unable to meet up Below are some of the small bank that it effected
Sycamore Microfinance Bank
NOW NOW Digital Microfinance Bank,
OurPass Microfinance Bank,
Creditville Microfinance Bank,
Casha Microfinance Bank.
Main Reason for microfinance banks Revoked
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, effective July 1, 2026, as part of a regulatory crackdown on non-compliant lenders.
The apex bank said the affected institutions failed to meet regulatory requirements, citing issues such as insufficient assets to cover liabilities, prolonged inactivity, and others.
Fintech-linked institutions affected include Sycamore Microfinance Bank, NOW NOW Digital MFB, OurPass MFB, Creditville MFB, and Casha MFB.
