CBN revokes licences of 46 microfinance banks
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), over failure to meet regulatory requirements for operation.
In a statement on Wednesday by Hakama Sidi-Ali, acting director corporate communications, the CBN said the revocation took effect from July 1, 2026.
The apex bank said its action was in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
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