[FULL LIST] CBN revokes licences of 46 microfinance banks

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country.

In a statement issued on Wednesday by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the revocation took immediate effect.

“The Central Bank of Nigeria (CBN) has revoked the operating licences of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement said in part.

CBN Governor Olayemi Cardoso approved the decision after the affected banks failed to meet regulatory requirements required for continued operations as licensed financial institutions.

The apex bank explained that the revocation was based on several factors, including inadequate assets to cover liabilities, closure of operations without approval, prolonged inactivity, failure to begin operations within 12 months of licence approval, and inability to maintain the required minimum capital.

“According to the revocation order, the action became necessary because of one or more of the circumstances listed below: i. Insufficient assets to meet liabilities; ii. Closure of operations without the CBN’s approval; iii. Inactivity and cessation of financial intermediation; iv. Failure to commence operations within 12 months of licence approval; and v. Failure to maintain minimum capital funds unimpaired by losses,” the bank said.

The CBN said the move forms part of ongoing efforts to strengthen the financial system, protect depositors, and ensure compliance with existing laws and regulatory standards.

“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,” the statement added.

Below is the full list of affected microfinance banks:

1. Minji-Se Churchill MFB — Tier 1 (Rivers)
2. Merchant MFB — Tier 2 (Abia)
3. Janmaa MFB — Tier 1 (Kwara)
4. Busu MFB — Tier 2 (Niger)
5. Gold MFB — Tier 1 (Lagos)
6. Zain MFB (formerly Dawakin Tofa MFB) — Tier 2 (Kano)
7. Bompai MFB — Tier 1 (Kano)
8. Ajwa MFB (formerly Gezawa) — Tier 2 (Kano)
9. NOW NOW Digital MFB — Tier 2 (Kano)
10. Crystabel Microfinance Bank — Tier 1 (Bayelsa)
11. Chanelle MFB — State (Lagos)
12. Abia SME MFB — Tier 1 (Abia)
13. Kamba MFB — Tier 2 (Kebbi)
14. Iwade MFB — Tier 2 (Ogun)
15. Winview MFB — Tier 1 (Abuja)
16. Zuru MFB — Tier 2 (Kebbi)
17. Minjibir MFB — Tier 1 (Kano)
18. Shanono MFB — Tier 2 (Kano)
19. Sumaila MFB — Tier 2 (Kano)
20. Rimin Gado MFB — Tier 2 (Kano)
21. Mwaghavul MFB — State (Plateau)
22. Sycamore MFB — Tier 2 (Kano)
23. Tofa MFB — Tier 2 (Kano)
24. Safegate MFB — Tier 1 (Lagos)
25. Creekline MFB — Tier 2 (Delta)
26. Bestar MFB — Tier 1 (Oyo)
27. Livingspring MFB — Tier 1 (Cross River)
28. Apple MFB — Tier 2 (Ogun)
29. Stanford MFB — State (Akwa Ibom)
30. Frontline MFB — Tier 2 (Anambra)
31. Zafec MFB — Tier 2 (Kaduna)
32. Supreme MFB — Tier 1 (Lagos)
33. Bejin-Doko MFB — Tier 2 (Niger)
34. Kanopoly MFB — Tier 1 (Kano)
35. Bellbank MFB (formerly Tsanyawa) — Tier 2 (Kano)
36. Yeneng MFB — Tier 2 (Plateau)
37. Creditville MFB — Tier 1 (Lagos)
38. MBAG MFB — Tier 1 (Lagos)
39. Straight Sahara MFB — Tier 1 (Benue)
40. Ourpass MFB — Tier 2 (Ondo)
41. Verdant MFB — Tier 1 (Lagos)
42. Basawa MFB — Tier 2 (Kaduna)
43. Casha MFB — Tier 2 (Abuja)
44. Esteem MFB — Tier 2 (Kano)
45. Entrepreneur MFB — Tier 1 (Lagos)
46. Avantus MFB — Tier 2 (Osun)