My people, the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso has taken strong action by revoking the operating licences of 46 microfinance banks across the country with effect from July 1, 2026.

This decision come after the banks failed to meet important regulatory requirements like capital adequacy, proper operational standards and other licensing conditions as stated in the Banks and Other Financial Institutions Act (BOFIA) 2020.

Some of the affected ones wey we know include NOW NOW Digital MFB, Sycamore MFB, Creditville MFB, Apple MFB, Gold MFB, Merchant MFB, Frontline MFB and plenty others from different states like Kano, Lagos, Rivers and Abia.

The CBN explain say many of these banks no get enough assets to cover their liabilities, some shut down without approval, others never even start operations after getting licence or just remain inactive for too long.The main reason be to protect customers' deposits, make the financial system stronger and ensure say all licensed institutions follow the rules.

According to the statement from the apex bank signed by Hakama Sidi-Ali, this revocation na part of ongoing efforts to clean up the sector and maintain public confidence.Customers with money in these banks suppose wait for further directives on how their deposits go fit be handled during the liquidation process.This action show say the CBN serious about enforcing compliance and no go allow weak institutions to put people's money at risk.Nigerians wey get accounts for any of the affected MFBs need to stay alert and monitor official announcements from the regulator.Overall, e dey clear say the banking sector dey undergo serious sanitisation to make am more stable and trustworthy for everybody.