The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet the regulatory requirements for continued operation.
The apex bank announced the decision in a statement on Wednesday, saying the revocation took effect from July 1, 2026, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the decision was approved by its Governor, Olayemi Cardoso, after the affected institutions failed to comply with the regulatory standards governing licensed financial institutions.
The central bank said the licences were withdrawn over one or more regulatory infractions, including inadequate assets to meet liabilities, closure of business without prior approval from the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining a licence, and inability to maintain the prescribed minimum capital requirements.
It said the exercise forms part of its ongoing efforts to strengthen Nigeria’s financial system, protect depositors and ensure that licensed financial institutions comply with existing laws and regulatory guidelines.
The CBN reaffirmed its commitment to maintaining a safe, sound and resilient banking sector through sustained supervision and regulatory enforcement where necessary.
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), 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), and Avantus MFB (Osun).
