The CBN said the decision became necessary because of one or more regulatory breaches committed by the affected institutions.

According to the corporation, the affected banks have ceased to operate as licensed financial institutions and are no longer authorised to carry out banking business in Nigeria.

CBN revokes licences of 46 microfinance banks for failing regulatory standards, a decision to enhance Nigeria's financial system and safeguard depositors' funds.

On the list of the 46 microfinance banks whose licences were revoked, Kano State accounted for the highest number with 13 banks, followed by Lagos with eight.

The Nigeria Deposit Insurance Corporation, NDIC, has been appointed as the official Liquidator of the 46 Microfinance Banks, MFBs, revoked by the Central

The Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks across the country for failing to comply with regulatory