BREAKING: CBN Revokes Licences of 46 Microfinance Banks
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, citing their failure to meet regulatory requirements for continued operation.
According to the apex bank, the decision was approved by CBN Governor Olayemi Cardoso under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020. The affected institutions were found to have committed one or more regulatory breaches, including inadequate capital, insolvency, inactivity, and failure to satisfy licensing conditions.
Among the affected institutions are NOW NOW Digital MFB, Sycamore MFB, Creditville MFB, Gold MFB, Apple MFB, OurPass MFB, Verdant MFB, Entrepreneur MFB, and several others. The full list of the affected banks has been published by the CBN.
The CBN said the action is part of its ongoing efforts to strengthen Nigeria's financial system, protect depositors, and ensure that licensed financial institutions comply with regulatory standards.
Customers of the affected microfinance banks are advised to follow official updates from the CBN regarding the next steps and any arrangements concerning their deposits or banking services.