The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks over their failure to comply with regulatory requirements. The decision, which became effective on July 1, 2026, was announced in a statement signed by the CBN's Acting Director of Corporate Communications, Sidi-Ali Hakama.
According to the apex bank, the revocation was approved by the CBN Governor, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected institutions did not meet the conditions necessary to retain their operating licences. It listed several reasons for the action, including inadequate assets to cover liabilities, shutting down operations without regulatory approval, prolonged inactivity and the suspension of financial intermediation, failure to commence business within 12 months of receiving a licence, and inability to maintain the statutory minimum capital requirement.
Explaining the rationale for the move, the apex bank stated, "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.”
It added that regulatory oversight would continue to ensure confidence in the country's financial system.
“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 read.
The CBN also released the names of the 46 affected microfinance banks whose licences have now been revoked.
The affected microfinance banks include the following:
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).
