CBN Revokes Licences of 46 Microfinance Banks

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

The revocation took effect on July 1, 2026, according to a statement issued Wednesday by the CBN's Acting Director of Corporate Communications, Sidi-Ali Hakama.

The apex bank said the action, approved by Governor Olayemi Cardoso under the Banks and Other Financial Institutions Act (BOFIA), 2020, followed breaches including inadequate capital, insufficient assets to meet liabilities, prolonged inactivity, unauthorized closure of operations, failure to commence business within the required period, and cessation of financial intermediation.

"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 CBN said.

The regulator added that it remains committed to maintaining a safe and resilient financial system through strict supervisory and regulatory actions.

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).