CBN revokes 46 microfinance bank licences, impacting Nigerian fintechs
On Wednesday, the Central Bank of Nigeria withdrew the operating licences of 46 microfinance banks (MFBs) with immediate effect. Adding Goldfish MFB, whose licence was suspended in May and disclosed by the CBN on June 30, brings the total to 47 MFBs now unable to operate. The CBN said some lacked sufficient assets to cover liabilities, others stopped operating without approval, became inactive, or never commenced business after getting licences. Named institutions include Creditville MFB, Gold MFB, NowNow Digital MFB and Sycamore MFB – the latter being the MFB acquired by a fintech to fast‑track banking services instead of applying for a licence from scratch.
If you hold an account with any licensed MFB, or use a fintech that relies on an acquired MFB for banking infrastructure, your transfers, savings or top‑up services could be disrupted. The CBN’s move is a reminder that banking licences come with compliance obligations and the regulator will act when rules are broken.
Check the status of your MFB on the CBN website or contact your fintech provider for clarification. Consider moving funds to an institution with a valid licence if you are unsure about your current provider’s standing.
Will you shift your funds to another institution, or wait for clarification from your fintech service provider?