The big hammer has dropped as the Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing their inability to meet regulatory requirements for continued operation.
According to a statement by the acting director of corporate communications,
Hakama Sidi-Ali, CBN stated that the revocation took effect from July 1, 2026, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Details coming…
