CBN Revokes 46 Microfinance Bank Licenses, Shaking Nigerian Financial Sector
Nigeria's financial landscape faces a shake-up as the Central Bank of Nigeria (CBN) revokes the operating licenses of 46 microfinance banks. This decisive move, effective July 1, 2026, stems from non-compliance with regulatory standards, underscoring the CBN's commitment to financial stability and accountability. The action signals a stricter era for Nigeria's microfinance sector.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet regulatory requirements for continued operations. According to a statement by CBN on Wednesday, the revocation, which takes effect from J
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