 has revoked the operating licences of 46 microfinance banks across the country.){kind=link}
FULL LIST: Why CBN Revoked Licences of 46 Microfinance Banks
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country over their failure to comply with key regulatory requirements.
The apex bank said the revocation took effect from July 1, 2026, following the approval of its Governor, Mr. Olayemi Cardoso, in line with the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.
In a statement issued on Wednesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN said the affected institutions failed to satisfy the conditions required for continued operation as licensed financial institutions.
According to the bank, the decision was necessitated by one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the minimum capital required for operation.
The CBN explained that the action formed part of its ongoing efforts to strengthen the financial system, safeguard depositors’ funds, and ensure strict compliance with banking laws and prudential regulations.
“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 statement said.
It added that the apex bank remained committed to promoting a safe, sound and resilient financial system and would continue to take appropriate supervisory and regulatory measures to maintain public confidence in Nigeria’s banking industry.
Full list of the affected microfinance banks:
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 (FCT)
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 (FCT)
44 Esteem MFB Kano
45 Entrepreneur MFB Lagos
46 Avantus MFB Osun