Central Bank of Nigeria (CBN) has cancelled the operating licences of 46 microfinance banks for failing to satisfy regulatory conditions required for continued operation.
Gatekeepers News reports that in a statement issued on Wednesday, Hakama Sidi-Ali, the apex bank’s acting director of corporate communications, said the decision became effective on July 1, 2026. According to CBN, the action was taken in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The regulator said the affected institutions were unable to meet the standards and obligations necessary to retain their licences, prompting the move as part of ongoing efforts to uphold stability and compliance within Nigeria’s banking sector.
This is a developing story…
