CBN Revokes Licences of 46 Microfinance Banks – Here's What Customers Need to Know
The Central Bank of Nigeria (CBN) has officially revoked the operating licences of 46 microfinance banks across the country after determining that they no longer met the regulatory requirements needed to continue operating.
The decision, which took effect on July 1, 2026, means the affected microfinance banks are no longer legally allowed to provide banking services in Nigeria.
Full list of the 46 microfinance banks that can no longer operate in Nigeria.
If you have money in any of the affected banks, there is no need to panic. The first step is to confirm whether your bank is among those whose licences were revoked. Customers are also advised to follow updates from the Nigeria Deposit Insurance Corporation (NDIC), which is responsible for handling insured deposits and guiding customers through the next steps where applicable.
It is important to note that this action does not affect major commercial banks such as Access Bank, GTBank, Zenith Bank, UBA, First Bank, Fidelity Bank, Stanbic IBTC, Union Bank, or other licensed commercial banks. The revocation applies only to the listed microfinance banks.
The CBN says the move is part of its ongoing efforts to strengthen Nigeria's banking sector, protect depositors, and ensure that financial institutions comply with regulatory standards.
Customers are encouraged to rely on official information from the CBN and NDIC and avoid unverified reports circulating on social media.
Have you checked whether your microfinance bank is among the affected institutions? Share your thoughts in the comments.
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