James Emejo in Abuja
Central Bank of Nigeria (CBN), yesterday, revoked the operating licences of 46 microfinance banks across the country, citing persistent regulatory violations and failure to meet the minimum conditions required to continue operating as licensed financial institutions.
The central bank said the revocation, effective July 1, 2026, was approved by CBN Governor, Mr. Olayemi Cardoso, in line with the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
CBN, in a statement issued by acting Director, Corporate Communications Department, Mrs. Sidi-Ali Hakama, said the affected institutions failed to satisfy key prudential and operational requirements, making regulatory intervention unavoidable.
It said the decision followed one or more identified infractions, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months of obtaining licences, as well as inability to maintain the statutory minimum capital unimpaired by losses.
The central bank stressed that the action formed part of its broader supervisory efforts to preserve the integrity and stability of the country’s financial system while protecting depositors from the risks associated with weak and non-compliant financial institutions.
The bank maintained that only institutions that met prescribed regulatory standards would be allowed to operate within the country’s financial system, reiterating its commitment to enforcing compliance across the banking industry.
The apex bank assured the public that it would continue to deploy appropriate supervisory and regulatory measures to strengthen confidence in the financial sector and sustain a safe, sound, and resilient financial system.
The institutions whose licenses were revoked included Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB (formerly Dawakin Tofa MFB), Bompai MFB, Ajwa MFB (formerly Gezawa), Now Now Digital MFB, and Crystabel Microfinance Bank.
Others are Chanelle MFB, Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, Tofa MFB, Safegate MFB, Creekline MFB, and Bestar MFB.
Those whose licenses were revoked also included Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin-Doko MFB, Kanopoly MFB, Bellbank MFB (formerly Tsanyawa), Yeneng MFB, Creditville MFB, MBAG MFB, Straight Sahara MFB, Ourpass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Entrepreneur MFB and Avantus MFB.
