July 2, 2026/CSL Research
The Central Bank of Nigeria (CBN) has intensified its supervisory oversight of the financial system by revoking the operating licences of 46 Microfinance Banks (MFBs), effective 1 July 2026, pursuant to its statutory powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
This follows the earlier revocation of the licence of Goldman Microfinance Bank Limited, which took effect on 21 May 2026 and was publicly announced by the CBN on 30 June 2026. In both cases, the apex bank cited persistent non-compliance with the regulatory requirements for continued operation, reinforcing its commitment to maintaining a sound, resilient, and well-regulated financial system.
According to the CBN, the licence revocations form part of its broader supervisory strategy to safeguard financial stability, protect depositors, and ensure that licensed financial institutions continue to meet prudential and statutory standards.