The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements.

The apex bank disclosed this in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the apex bnak, 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.

According to the CBN, the action was approved by Governor Olayemi Cardoso as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

The bank said the affected institutions were sanctioned for one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the required minimum capital.

The CBN said the revocation forms part of its ongoing supervisory measures to strengthen the financial sector and maintain public confidence in the banking system.

Among the affected institutions are Gold Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank and Verdant Microfinance Bank in Lagos; Apple Microfinance Bank and Iwade Microfinance Bank in Ogun; Merchant Microfinance Bank and Abia SME Microfinance Bank in Abia; as well as several microfinance banks in Kano, including Zain, Bompai, Ajwa, Now Now Digital, Tofa, Sycamore and Kanopoly.

The development comes months after the CBN's bank recapitalisation programme.

In March 2024, the apex bank raised the minimum capital requirements for banks and gave them until March 31, 2026, to comply.

It subsequently announced on March 6, 2026, that 30 banks had met the new capital threshold.