Nigeria, July 1 -- The Central Bank of Nigeria (CBN) has released the names of the 46 microfinance banks whose operating licences were revoked for failing to meet the regulatory requirements for continued operation.

The apex bank disclosed on Wednesday that 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 the CBN, the licences were revoked because the affected microfinance banks had insufficient assets to meet their liabilities, closed operations without regulatory approval, or became inactive and ceased financial intermediation.

The revocations were also attributed to the banks' failure to commence operations within 12 mo...