The Central Bank of Nigeria (CBN) has once again shown that it will not hesitate to withdraw a licence when an institution falls short. Effective 1 July 2026, the CBN revoked the operating licences of 46 microfinance banks, spanning the Tier 1, Tier 2 and State categories. The action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020. For every regulated financial institution, and for the businesses and investors that deal with them, the message is that licensing is the beginning of regulatory scrutiny, not the end of it.