Nigeria, July 1 -- The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, effective 1 July, citing the institutions' failure to meet regulatory requirements for continued operation.

The apex bank announced the decision in a statement issued on Wednesday, saying the revocation was carried out in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to CBN, the revocation was approved by its Governor, Olayemi Cardoso, following the affected banks' failure to satisfy the conditions required to continue operating as licensed financial institutions.

CBN said the decision was necessary due to one or more regulatory breaches by the...