The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks over their failure to meet regulatory requirements for continued operations.
The apex bank disclosed this in a statement issued on Wednesday by its Acting Director of Corporate Communications, Sidi-Ali Hakama.
According to the CBN, the revocation took effect from July 1, 2026, and was approved by the Governor of the Central Bank, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. The bank said the affected institutions failed to satisfy key regulatory conditions required of licensed financial institutions…CONTINUE FULL READING>>>
