Storyline
CBN Revokes 47 Microfinance Bank Licences
Timeline
- Tue, Jul 7LatestUnverified — not yet reviewed
CBN Acts on Creditville MFB as Nigeria Microfinance Pressure Continues
Nigeria's Central Bank has taken regulatory action against the microfinance bank subsidiary of the Creditville group, which has confirmed it remains operational across other subsidiaries. The action signals continued enforcement activity in Nigeria's microfinance sector following the mass licence revocations announced earlier in July.
- Fri, Jul 3Unverified — not yet reviewed
CBN revokes 46–47 microfinance bank licences in Nigeria's biggest MFB reset
Nigeria's Central Bank has cancelled 46 microfinance bank licences, formally citing five regulatory grounds for the mass revocation. Sycamore has confirmed that an MFB it acquired is among those affected, stating the action clouds its planned entry into deposit banking. The sweep represents the most significant regulatory reset of Nigeria's digital lending and microfinance sector on record.
- Thu, Jul 2Unverified — not yet reviewed
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.