The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over multiple regulatory violations, including insolvency, prolonged inactivity, and failure to meet minimum capital requirements.
The apex bank announced that the revocation took effect on July 1, 2026, following the approval of the Governor of the Central Bank of Nigeria, Olayemi Cardoso.
According to the CBN, the decision was taken pursuant to its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, after the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.
This is contained in a statement signed by Director, Corporate Communications, Hakama Sidi Ali, and issued on Wednesday.
The bank said investigations found that the affected microfinance banks were guilty of one or more serious regulatory breaches, including maintaining insufficient assets to meet liabilities, shutting down operations without obtaining regulatory approval, remaining inactive and ceasing financial intermediation, failing to commence operations within 12 months after receiving their licences, and failing to maintain the minimum capital base required by law.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” it said.
The regulator stated that the action forms part of its ongoing efforts to strengthen oversight of Nigeria’s financial system and prevent weak financial institutions from posing risks to depositors and the broader economy.
“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,” he added.
The affected banks are: Minji-Se Churchill MFB is a Tier 1 Microfinance Bank in Rivers State.
Merchant MFB is a Tier 2 Microfinance Bank in Abia State.
Janmaa MFB is a Tier 1 Microfinance Bank in Kwara State.
Busu MFB is a Tier 2 Microfinance Bank in Niger State.
Gold MFB is a Tier 1 Microfinance Bank in Lagos State.
Zain MFB (formerly Dawakin Tofa MFB) is a Tier 2 Microfinance Bank in Kano State.
Bompai MFB is a Tier 1 Microfinance Bank in Kano State.
Ajwa MFB (formerly Gezawa MFB) is a Tier 2 Microfinance Bank in Kano State.
NOW NOW DIGITAL MFB is a Tier 2 Microfinance Bank in Kano State.
Crystabel Microfinance Bank is a Tier 1 Microfinance Bank in Bayelsa State.
Chanelle MFB is a State Microfinance Bank in Lagos State.
Abia SME MFB is a Tier 1 Microfinance Bank in Abia State.
Kamba MFB is a Tier 2 Microfinance Bank in Kebbi State.
Iwade MFB is a Tier 2 Microfinance Bank in Ogun State.
Winview MFB is a Tier 1 Microfinance Bank in Abuja.
Zuru MFB is a Tier 2 Microfinance Bank in Kebbi State.
Minjibir MFB is a Tier 1 Microfinance Bank in Kano State.
Shanono MFB is a Tier 2 Microfinance Bank in Kano State.
Sumaila MFB is a Tier 2 Microfinance Bank in Kano State.
Rimin Gado MFB is a Tier 2 Microfinance Bank in Kano State.
Mwaghavul MFB is a State Microfinance Bank in Plateau State.
Sycamore MFB is a Tier 2 Microfinance Bank in Kano State.
TOFA MFB is a Tier 2 Microfinance Bank in Kano State.
Safegate MFB is a Tier 1 Microfinance Bank in Lagos State.
Creekline MFB is a Tier 2 Microfinance Bank in Delta State.
Bestar MFB is a Tier 1 Microfinance Bank in Oyo State.
Livingspring MFB is a Tier 1 Microfinance Bank in Cross River State.
Apple MFB is a Tier 2 Microfinance Bank in Ogun State.
Stanford MFB is a State Microfinance Bank in Uyo.
Frontline MFB is a Tier 2 Microfinance Bank in Anambra State.
Zafec MFB is a Tier 2 Microfinance Bank in Kaduna State.
Supreme MFB is a Tier 1 Microfinance Bank in Lagos State.
Bejin-Doko MFB is a Tier 2 Microfinance Bank in Niger State.
Kanopoly MFB is a Tier 1 Microfinance Bank in Kano State.
Bellbank MFB (formerly Tsanyawa MFB) is a Tier 2 Microfinance Bank in Kano State.
Yeneng MFB is a Tier 2 Microfinance Bank in Plateau State.
Creditville MFB is a Tier 1 Microfinance Bank in Lagos State.
MBAG MFB is a Tier 1 Microfinance Bank in Lagos State.
Straight Sahara MFB is a Tier 1 Microfinance Bank in Benue State.
OurPass MFB is a Tier 2 Microfinance Bank in Ondo State.
Verdant MFB is a Tier 1 Microfinance Bank in Lagos State.
Basawa MFB is a Tier 2 Microfinance Bank in Kaduna State.
Casha MFB is a Tier 2 Microfinance Bank in Abuja.
Esteem MFB is a Tier 2 Microfinance Bank in Kano State.
Entrepreneur MFB is a Tier 1 Microfinance Bank in Lagos State.
Avantus MFB is a Tier 2 Microfinance Bank in Osun State
