CBN revokes licences of 46 Microfinance Banks
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks.
The apex bank, in a statement issued by its Acting Director, Corporate Communications, Sidi-Ali Hakama, said the revocation, which took effect from July 1, 2026, was as a result of failure of the affected banks to meet regulatory requirements for continued operations.
According to CBN, the action was approved by its Governor, Olayemi Cardoso, in line with the powers conferred on the bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
It explained that the affected institutions failed to satisfy key regulatory conditions required of licensed financial institutions.
CBN stated that the licences were withdrawn for one or more reasons, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital required by law.
“The revocation of the licenses 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 reads.
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/Uyo)
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).
