CBN revokes licences of 47 Nigerian microfinance banks including NowNow and OurPass
Nigeria's Central Bank has revoked the operating licences of 47 microfinance banks, including fintech-linked institutions NowNow, Sycamore, Creditville, OurPass, and Casha. The CBN cited legacy operational failures as the basis for the mass revocation, which represents the most significant regulatory reset of Nigeria's digital lending and microfinance sector in recent memory. The action reshapes the competitive landscape for digital credit in Africa's largest economy.
CBN's Purge: when 'legacy issues' is doing a lot of work
Forty-seven licences gone in a single day is a dramatic number — but the CBN's own list of reasons tells the more uncomfortable story: institutions that never started trading, banks that shut without telling the regulator, lenders whose assets couldn't cover what they owed depositors.
That's not a crackdown on a thriving sector that got too wild. That's a regulator finally filing the paperwork on failures that had already happened.
For fintechs watching nervously, Sycamore's clarification is the instructive detail: the revoked licence was a redundant shell from a 2024 acquisition — their actual operating licence was already replaced. The headline looked like a casualty; the reality was tidying a drawer.
The real question is what this signals going forward. If the CBN is now actively matching licence status to actual operations, founders holding MFB licences as regulatory placeholders should be paying close attention.
3 sources
- Why we revoked the licences of 46 microfinance banks – CBN · techpoint.africa · T1
- CBN revokes 47 microfinance bank licences as Sycamore cites legacy issues · techcabal.com · T1
- CBN revokes licences of NowNow, Sycamore, Creditville, OurPass and Casha Microfinance Banks · thecondia.com · T2