The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country.

The affected institutions include NOW NOW Digital MFB, Sycamore MFB, Creditville MFB, Apple MFB, Merchant MFB, Gold MFB, Frontline MFB, Safegate MFB, OurPass MFB, Verdant MFB, Avantus MFB, Entrepreneur MFB, and several others.

The revocation was announced by the apex bank as part of its regulatory oversight of Nigeria’s financial sector.

The full list of the affected microfinance banks has been published by the CBN.