RismadarVoice Reporters
July 1, 2026
The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks for failing to comply with key regulatory requirements, as part of efforts to strengthen the country’s financial system.
The decision, which took effect on July 1, 2026, was announced in a statement issued on Wednesday by the Acting Director of Corporate Communications at the CBN, Hakama Sidi-Ali.
According to the apex bank, the revocation was approved by the CBN Governor, Olayemi Cardoso, in line with the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN explained that the affected institutions failed to meet the conditions required to retain their operating licences, prompting regulatory intervention.
Among the reasons cited were inadequate assets to cover liabilities, shutting down operations without regulatory approval, prolonged inactivity, failure to commence business within 12 months of obtaining licences, and inability to maintain the minimum capital requirements.
The affected institutions include Tier 1, Tier 2 and State microfinance banks located across several states, including Lagos, Kano, the Federal Capital Territory, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra.
Some of the banks whose licences were revoked are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW NOW Digital Microfinance Bank.
Several Kano-based institutions were also affected, including Bompai Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Kanopoly Microfinance Bank and Esteem Microfinance Bank.
The CBN said the action forms part of its ongoing efforts to ensure compliance with banking regulations, safeguard depositors’ funds and promote stability within the financial sector.
The regulator reaffirmed its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and enforcement actions against institutions that fail to comply with regulatory standards.
Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) recently assured Nigerians that depositors remain protected in the event of bank failures.
Speaking during the second quarter 2026 Citizens and Stakeholders’ Engagement Session organised by the Federal Ministry of Finance in Abuja, NDIC Managing Director and Chief Executive Officer Thompson Sunday said the corporation currently provides deposit insurance coverage for 914 licensed financial institutions.
He added that following the upward review of deposit insurance limits in May 2024, more than 98 per cent of depositors are fully covered for their account balances, with over 281 million depositors benefiting from the insurance scheme.
