The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country with effect from July 1, 2026, over failure to meet key regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, saying the action was approved by the CBN Governor, Olayemi Cardoso, pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the affected institutions failed to satisfy conditions required for continued operation as licensed financial institutions.
The bank said the revocation became necessary because of one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the required minimum capital.
The affected microfinance banks are:
1. Minji-Se Churchill MFB – Rivers
2. Merchant MFB – Abia
3. Janmaa MFB – Kwara
4. Busu MFB – Niger
5. Gold MFB – Lagos
6. Zain MFB (formerly Dawakin Tofa MFB) – Kano
7. Bompai MFB – Kano
8. Ajwa MFB (formerly Gezawa MFB) – Kano
9. NOW NOW Digital MFB – Kano
10. Crystabel Microfinance Bank – Bayelsa
11. Chanelle MFB – Lagos
12. Abia SME MFB – Abia
13. Kamba MFB – Kebbi
14. Iwade MFB – Ogun
15. Winview MFB – Abuja
16. Zuru MFB – Kebbi
17. Minjibir MFB – Kano
18. Shanono MFB – Kano
19. Sumaila MFB – Kano
20. Rimin Gado MFB – Kano
21. Mwaghavul MFB – Plateau
22. Sycamore MFB – Kano
23. TOFA MFB – Kano
24. Safegate MFB – Lagos
25. Creekline MFB – Delta
26. Bestar MFB – Oyo
27. Livingspring MFB – Cross River
28. Apple MFB – Ogun
29. Stanford MFB – Uyo
30. Frontline MFB – Anambra
31. Zafec MFB – Kaduna
32. Supreme MFB – Lagos
33. Bejin-Doko MFB – Niger
34. Kanopoly MFB – Kano
35. Bellbank MFB (formerly Tsanyawa MFB) – Kano
36. Yeneng MFB – Plateau
37. Creditville MFB – Lagos
38. MBAG MFB – Lagos
39. Straight Sahara MFB – Benue
40. OurPass MFB – Ondo
41. Verdant MFB – Lagos
42. Basawa MFB – Kaduna
43. Casha MFB – Abuja
44. Esteem MFB – Kano
45. Entrepreneur MFB – Lagos
46. Avantus MFB – Osun.
The CBN said the revocation forms part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure that licensed financial institutions comply with extant laws and regulatory requirements.
It reaffirmed its commitment to promoting a safe, sound and resilient financial system through sustained supervisory and regulatory actions aimed at maintaining public confidence in Nigeria’s banking sector.
