The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, citing their failure to meet regulatory requirements for continued operation.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation takes effect from July 1, 2026.
According to the statement, the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
“The Central Bank of Nigeria (CBN) has revoked the operating licences of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement read in part.
The CBN said Governor Olayemi Cardoso approved the revocation after the affected institutions failed to satisfy the regulatory conditions required to retain their licences.
According to the bank, the decision was necessitated by one or more of the following infractions: insufficient assets to meet liabilities; closure of operations without the CBN’s approval; prolonged inactivity and cessation of financial intermediation; failure to commence operations within 12 months of obtaining a licence; and failure to maintain the minimum capital requirement unimpaired by losses.
The apex bank said the measure forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors, and ensure strict compliance with applicable laws and prudential regulations.
“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 added.
Full list of microfinance banks whose licences were revoked
The affected microfinance banks are listed below:
| S/NO | MFB NAME | CATEGORY | STATE |
|---|---|---|---|
| 1 | Minji-Se Churchill MFB | Tier 1 | Rivers |
| 2 | Merchant MFB | Tier 2 | Abia |
| 3 | Janmaa MFB | Tier 1 | Kwara |
| 4 | Busu MFB | Tier 2 | Niger |
| 5 | Gold MFB | Tier 1 | Lagos |
| 6 | Zain MFB (formerly Dawakin Tofa MFB) | Tier 2 | Kano |
| 7 | Bompai MFB | Tier 1 | Kano |
| 8 | Ajwa MFB (Formerly Gezawa) | Tier 2 | Kano |
| 9 | NOW NOW DIGITAL MFB | Tier 2 | Kano |
| 10 | Crystabel Microfinance Bank | Tier 1 | Bayelsa |
| 11 | Chanelle MFB | State | Lagos |
| 12 | Abia SME MFB | Tier 1 | Abia |
| 13 | Kamba MFB | Tier 2 | Kebbi |
| 14 | Iwade MFB | Tier 2 | Ogun |
| 15 | Winview MFB | Tier 1 | Abuja |
| 16 | Zuru MFB | Tier 2 | Kebbi |
| 17 | Minjibir MFB | Tier 1 | Kano |
| 18 | Shanono MFB | Tier 2 | Kano |
| 19 | Sumaila MFB | Tier 2 | Kano |
| 20 | Rimin Gado MFB | Tier 2 | Kano |
| 21 | Mwaghavul MFB | State | Plateau |
| 22 | Sycamore MFB | Tier 2 | Kano |
| 23 | TOFA MFB | Tier 2 | Kano |
| 24 | Safegate MFB | Tier 1 | Lagos |
| 25 | Creekline MFB | Tier 2 | Delta |
| 26 | Bestar MFB | Tier 1 | Oyo |
| 27 | Livingspring MFB | Tier 1 | Cross River |
| 28 | Apple MFB | Tier 2 | Ogun |
| 29 | Stanford MFB | State | Uyo (Akwa Ibom) |
| 30 | Frontline MFB | Tier 2 | Anambra |
| 31 | Zafec MFB | Tier 2 | Kaduna |
| 32 | Supreme MFB | Tier 1 | Lagos |
| 33 | Bejin-Doko MFB | Tier 2 | Niger |
| 34 | Kanopoly MFB | Tier 1 | Kano |
| 35 | Bellbank MFB (formerly Tsanyawa) | Tier 2 | Kano |
| 36 | Yeneng MFB | Tier 2 | Plateau |
| 37 | Creditville MFB | Tier 1 | Lagos |
| 38 | MBAG MFB | Tier 1 | Lagos |
| 39 | STRAIGHT SAHARA MFB | Tier 1 | Benue |
| 40 | OURPASS MFB | Tier 2 | Ondo |
| 41 | VERDANT MFB | Tier 1 | Lagos |
| 42 | BASAWA MFB | Tier 2 | Kaduna |
| 43 | CASHA MFB | Tier 2 | Abuja |
| 44 | ESTEEM MFB | Tier 2 | Kano |
| 45 | ENTERPRENEUR MFB | Tier 1 | Lagos |
| 46 | AVANTUS MFB | Tier 2 | Osun |
