The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing failure to meet key regulatory and operational requirements.
The decision, which takes immediate effect, was announced on Wednesday in a statement by the CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.
Key Highlights:
- CBN revoked the licences of 46 microfinance banks.
- The action followed regulatory and operational violations.
- Offences included inadequate capital, inactivity, and unauthorised closure.
- The revocation took immediate effect.
- CBN said the move will protect depositors and strengthen the banking sector.
- The affected banks include NOW NOW Digital MFB, Creditville MFB, and 44 others.
According to the apex bank, the revocation was approved by CBN Governor Olayemi Cardoso under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected institutions failed to meet conditions necessary to retain their operating licences.
The violations include inadequate assets to cover liabilities, shutting down operations without regulatory approval, prolonged inactivity, failure to begin operations within 12 months of licensing, and inability to maintain the required minimum capital.
The apex bank explained that the move is part of its ongoing efforts to strengthen the banking sector, protect depositors’ funds, and enforce strict compliance with prudential regulations.
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It reaffirmed its commitment to maintaining a safe, resilient and stable financial system, stressing that appropriate regulatory action would continue to be taken against institutions that fail to comply with banking laws and standards.
The affected lenders include Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Gold MFB, NOW NOW Digital MFB, Chanelle MFB, Winview MFB, Creditville MFB, MBAG MFB, Verdant MFB, Entrepreneur MFB, Avantus MFB, and 34 other microfinance banks across several states.
