The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country over their failure to comply with regulatory requirements necessary for continued operations. The apex bank announced the decision in a statement issued yesterday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026. According to the CBN, the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empower the regulator to…
Read MoreCBN revokes licences of 46 microfinance banks
