CBN Revokes Licences Of 46 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks over their failure to meet regulatory requirements for continued operations.

The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Sidi-Ali Hakama.

According to the statement, the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the affected institutions failed to satisfy key regulatory conditions required to retain their operating licences.

It explained that the licences were withdrawn for one or more reasons, including insufficient assets to meet liabilities, shutting down operations without regulatory approval, prolonged inactivity, failure to carry out financial intermediation, failure to commence operations within 12 months of receiving a licence, and inability to maintain the statutory minimum capital requirement.

The bank said the action forms part of its ongoing efforts to strengthen the financial system, protect depositors and ensure strict compliance with banking regulations.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.

“The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement read.

The affected microfinance banks are:

Minji-Se Churchill MFB (Rivers)

Merchant MFB (Abia)

Janmaa MFB (Kwara)

Busu MFB (Niger)

Gold MFB (Lagos)

Zain MFB (formerly Dawakin Tofa MFB) – Kano

Bompai MFB (Kano)

Ajwa MFB (formerly Gezawa MFB) – Kano

NOW NOW Digital MFB (Kano)

Crystabel Microfinance Bank (Bayelsa)

Chanelle MFB (Lagos)

Abia SME MFB (Abia)

Kamba MFB (Kebbi)

Iwade MFB (Ogun)

Winview MFB (Abuja)

Zuru MFB (Kebbi)

Minjibir MFB (Kano)

Shanono MFB (Kano)

Sumaila MFB (Kano)

Rimin Gado MFB (Kano)

Mwaghavul MFB (Plateau)

Sycamore MFB (Kano)

Tofa MFB (Kano)

Safegate MFB (Lagos)

Creekline MFB (Delta)

Bestar MFB (Oyo)

Livingspring MFB (Cross River)

Apple MFB (Ogun)

Stanford MFB (Akwa Ibom)

Frontline MFB (Anambra)

Zafec MFB (Kaduna)

Supreme MFB (Lagos)

Bejin-Doko MFB (Niger)

Kanopoly MFB (Kano)

Bellbank MFB (formerly Tsanyawa MFB) – Kano

Yeneng MFB (Plateau)

Creditville MFB (Lagos)

MBAG MFB (Lagos)

Straight Sahara MFB (Benue)

OurPass MFB (Ondo)

Verdant MFB (Lagos)

Basawa MFB (Kaduna)

Casha MFB (Abuja)

Esteem MFB (Kano)

Entrepreneur MFB (Lagos)

Avantus MFB (Osun).