CBN Revokes Operating Licences of 46 Microfinance Banks
Dr. Nafisat Makinɗe, Abuja
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, citing their failure to meet the regulatory requirements for continued operation.
According to a statement issued by the CBN on Wednesday, the revocation was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, in line with the bank’s powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the decision became necessary because one or more of the affected institutions had insufficient assets to meet their liabilities, closed operations without the bank’s approval, ceased financial intermediation, failed to commence operations within 12 months of receiving their licences, or failed to maintain the minimum capital funds required for continued operation.
In the statement, the Acting Director of Corporate Communications, Hakama Sidi Ali, said the revocation forms part of the bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with extant laws and regulatory requirements.
The CBN added that it 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 Nigeria’s financial system.
The CBN listed the affected microfinance banks as follows:
Minji Se Churchill MFB, Tier 1, Rivers.
Merchant MFB, Tier 2, Abia.
Janmaa MFB, Tier 1, Kwara.
Busu MFB, Tier 2, Niger.
Gold MFB, Tier 1, Lagos.
Zain MFB (formerly Dawakin Tofa MFB), Tier 2, Kano.
Bompai MFB, Tier 1, Kano.
Ajwa MFB (formerly Gezawa), Tier 2, Kano.
NOW NOW DIGITAL MFB, Tier 2, Kano.
Crystabel Microfinance Bank, Tier 1, Bayelsa.
Chanelle MFB, State, Lagos.
Abia SME MFB, Tier 1, Abia.
Kamba MFB, Tier 2, Kebbi.
Iwade MFB, Tier 2, Ogun.
Winview MFB, Tier 1, Abuja.
Zuru MFB, Tier 2, Kebbi.
Minjibir MFB, Tier 1, Kano.
Shanono MFB, Tier 2, Kano.
Sumaila MFB, Tier 2, Kano.
Rimin Gado MFB, Tier 2, Kano.
Mwaghayul MFB, State, Plateau.
Sycamore MFB, Tier 2, Kano.
TOFA MFB, Tier 2, Kano.
Safegate MFB, Tier 1, Lagos.
Creekline MFB, Delta, Tier 2.
Bestar MFB, Tier 1, Oyo.
Livingspring MFB, Tier 1, Cross River.
Apple MFB, Tier 2, Ogun.
Stanford MFB, State, Uyo.
Frontline MFB, Tier 2, Anambra.
Zafec MFB, Tier 2, Kaduna.
Supreme MFB, Tier 1, Lagos.
Bejin Doko MFB, Tier 2, Niger.
Kanopoly MFB, Tier 1, Kano.
Bellbank MFB formerly Tsanyawa, Tier 2, Kano.
Yeneng MFB, Tier 2, Plateau.
Creditville MFB, Tier 1, Lagos.
MBAG MFB, Tier 1, Lagos.
STRAIGHT SAHARA MFB, Tier 1, Benue.
OURPASS MFB, Tier 2, Ondo.
VERDANT MFB, Tier 1, Lagos.
BASAWA MFB, Tier 2, Kaduna.
CASHA MFB, Tier 2, Abuja.
ESTEEM MFB, Tier 2, Kano.
ENTERPRENEUR MFB, Tier 1, Lagos.
AVANTUS MFB, Tier 2, Osun.