The Central Bank of Nigeria (CBN) has withdrawn the operating licence of Goldman Microfinance Bank Limited, bringing the institution’s activities to an end over its inability to satisfy regulatory conditions required for continued operation.
The development was announced in a statement issued on Tuesday, June 30, 2026, by Hakama Sidi-Ali, the Acting Director of Corporate Communications.
According to the apex bank, the licence revocation took effect from May 21, 2026, after receiving approval from the CBN Governor, Olayemi Cardoso, under the authority granted by Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Part of the statement explained:
“The Central Bank of Nigeria (CBN) has revoked the operating licence of Goldman Microfinance Bank Limited with effect from May 21, 2026, in accordance with its powers under Section 12 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The revocation was approved by the Governor of the Central Bank of Nigeria Olayemi Cardoso, following the bank’s failure to meet the regulatory requirements for continued operation as a licensed financial institution”
Reasons behind the CBN’s Decision to revoke Goldman Microfinance Bank’s licence
The CBN outlined four key factors that informed its decision:
1. Liquidation and voluntary winding up: Goldman Microfinance Bank has entered liquidation and voluntarily commenced the process of dissolving the institution.
2. Insufficient assets to meet liabilities: The bank no longer possesses enough assets to settle its outstanding debts and financial commitments.
3. Critical undercapitalisation: The bank’s capital adequacy ratio has dropped well below the minimum threshold prescribed by the CBN, reflecting a serious capital deficiency.
4. Non-compliance with BOFIA provisions: Goldman Microfinance Bank has not complied with the requirements of sections 9 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
CBN explains the decision
The Central Bank of Nigeria said the action forms part of its ongoing efforts to strengthen the country’s financial system while ensuring that all licensed financial institutions comply with established regulatory standards.
The regulator explained that revoking the bank’s licence is intended to safeguard depositors, preserve the stability of the financial sector, and reinforce public confidence in Nigeria’s banking industry.
The apex bank further reaffirmed that it will continue to implement appropriate regulatory and supervisory measures whenever necessary to promote a secure, stable, and resilient financial environment.
