The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country, citing their failure to meet regulatory requirements for continued operation.
The revocation, which takes effect from July 1, 2026, was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
In a statement released on Tuesday, the apex bank said the affected institutions were found to have breached one or more conditions required for maintaining their licences as financial institutions.
According to the CBN, the action became necessary due to several regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the approval of the apex bank, prolonged inactivity and cessation of financial intermediation activities, failure to commence operations within 12 months of licence approval, and inability to maintain the minimum capital funds required by law.
The bank emphasized that the revocation is part of ongoing efforts to safeguard the stability of Nigeria’s financial sector, protect depositors, and ensure strict compliance with banking regulations.
“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,” the statement read.
The CBN further reiterated its commitment to maintaining a safe, sound, and resilient financial system, assuring the public that it would continue to take necessary supervisory and regulatory measures to uphold confidence in the nation’s banking sector.
Full List of the 46 Revoked Microfinance Banks
1. Minji-Se Churchill MFB
2. Merchant MFB
3. Janmaa MFB
4. Busu MFB
5. Gold MFB
6. Zain MFB (formerly Dawakin Tofa MFB)
7. Bompai MFB
8. Ajwa MFB (formerly Gezawa MFB)
9. NOW NOW Digital MFB
10. Crystabel Microfinance Bank
11. Chanelle MFB
12. Abia SME MFB
13. Kamba MFB
14. Iwade MFB
15. Winview MFB
16. Zuru MFB
17. Minjibir MFB
18. Shanono MFB
19. Sumaila MFB
20. Rimin Gado MFB
21. Mwaghavul MFB
22. Sycamore MFB
23. Tofa MFB
24. Safegate MFB
25. Creekline MFB
26. Bestar MFB
27. Livingspring MFB
28. Apple MFB
29. Stanford MFB
30. Frontline MFB
31. Zafec MFB
32. Supreme MFB
33. Bejin-Doko MFB
34. Kanopoly MFB
35. Bellbank MFB (formerly Tsanyawa MFB)
36. Yeneng MFB
37. Creditville MFB
38. MBAG MFB
39. Straight Sahara MFB
40. OurPass MFB
41. Verdant MFB
42. Basawa MFB
43. Casha MFB
44. Esteem MFB
45. Entrepreneur MFB
46. Avantus MFB
Financial analysts say the development signals the CBN’s determination to enforce compliance and strengthen confidence in the microfinance banking sector. They note that the move is expected to promote greater financial discipline, improve corporate governance, and ensure that only adequately capitalized and operationally sound institutions continue to serve the public.
The latest crackdown is one of the most significant regulatory actions involving microfinance banks in recent years and reflects the apex bank’s broader strategy of sanitizing the financial system and protecting depositors from potential risks associated with distressed institutions.
