The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, including two in Ogun State – Iwade MFB and Apple MFB, over multiple regulatory infractions.
The CBN said it took the steps in a move aimed at strengthening the stability of the financial system and protecting depositors.
The apex bank announced in a statement on Wednesday that the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso.
According to the bank, the affected institutions failed to meet the regulatory conditions required to continue operating as licensed financial institutions.
The CBN said the decision was based on a range of serious violations, including insufficient assets to meet liabilities, unauthorised closure of operations, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving licences, and failure to maintain the minimum capital requirements unimpaired by losses.
The regulator explained that the action forms part of its broader efforts to sanitise the financial sector by enforcing compliance with prudential standards and ensuring only financially sound institutions remain in operation.
“The revocation of these licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with existing laws and regulatory requirements,” the statement said.
The latest action underscores the CBN’s continued crackdown on weak and non-compliant financial institutions as it seeks to reinforce confidence in Nigeria’s banking sector.
While the apex bank did not immediately release details of the affected banks’ deposit liabilities or the arrangements for customers, industry observers say the revocation sends a strong signal that regulatory compliance remains a non-negotiable condition for financial institutions operating in the country.
