The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements for continued operation.
The apex bank announced the decision in a statement issued on Wednesday, saying the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the decision was approved by its Governor, Olayemi Cardoso, following the affected banks’ inability to comply with the regulatory standards expected of licensed financial institutions.
The bank explained that the licences were withdrawn due to one or more infractions, including insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and inability to maintain minimum capital requirements.
The CBN said the exercise forms part of its ongoing efforts to strengthen the financial system, protect depositors and ensure that licensed institutions comply with existing laws and regulatory guidelines.
It reaffirmed its commitment to maintaining a safe, sound and resilient banking sector through continued supervisory and regulatory actions where necessary.
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 (Akwa Ibom/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).
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