The Central Bank of Nigeria (CBN) has revoked the operating licence of Sycamore Microfinance Bank, but the fintech says the decision relates to legacy issues tied to the Kano-based tier-2 MFB whose licence it acquired as part of its expansion into banking.
Sycamore appeared on the CBN’s list of 46 microfinance banks whose licences were revoked on Wednesday. The company said the regulatory action affects the acquired entity and stems from historical compliance issues that predate the acquisition rather than its current operations.
The revocation means Sycamore’s planned expansion beyond digital lending into regulated banking services now faces fresh uncertainty. It comes barely two months after the lender told TechCabal it planned to build a deposit base exceeding ₦40 billion ($29.13 million) in 2026.
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