CBN revokes licenses of 46 microfinance banks

Central Bank of Nigeria (CBN) has revoked the operating licenses 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 affected microfinance banks are Minji-Se Churchill MFB Tier 1 Rivers; Merchant MFB Tier 2 Abia; Janmaa MFB Tier 1 Kwara; Busu MFB Tier 2 Niger; Gold MFB Tier 1 Lagos; Zain MFB (foremerly Dawakin Tofa MFB) Tier 2 Kano; Bompai MFB Tier 1 Kano; Ajwa MFB (Formerly Gezawa) Tier 2 Kano; NOW NOW DIGITAL MFB Tier 2 Kano; Crystabel Microfinance Bank Tier 1 Bayelsa; and Chanelle MFB State Lagos.

Others are Abia SME MFB Tier 1 Abia, Kamba MFB Tier 2 Kebbi; Iwade MFB Tier 2 Ogun; Winview MFB Tier 1 Abuja; Zuru MFB Tier 2 Kebbi; Minjibir MFB Tier 1 Kano; Shanono MFB Tier 2 Kano; Sumaila MFB Tier 2 Kano; Rimin Gado MFB Tier 2 Kano; Mwaghavul MFB State Plateau; Sycamore MFB Tier 2 Kano; TOFA MFB Tier 2 Kano; Safegate MFB Tier 1 Lagos; Creekline MFB Delta Tier 2; Bestar MFB Tier 1 Oyo; Livingspring MFB Tier 1 Cross River; Apple MFB Tier 2 Ogun; Stanford MFB State Uyo; Frontline MFB Tier 2 Anambra; Zafec MFB Tier 2 Kaduna; Supreme MFB Tier 1 Lagos; Bejin-Doko MFB Tier 2 Niger

According to a statement signed by Sidi-Ali, Hakama (Mrs)
Ag. Director, Corporate Communications Department “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 operation as licensed financial institutions.

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 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 revocation of the licenses 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 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.

Also revoked are 34 Kanopoly MFB Tier 1 Kano; Bellbank MFB formerly Tsanyawa Tier 2 Kano; Yeneng MFB Tier 2 Plateau; 37 Creditville MFB Tier 1 Lagos; MBAG MFB Tier 1 Lagos; STRAIGHT SAHARA MFB Tier 1 Benue; OURPASS MFB Tier 2 Ondo; VERDANT MFB Tier 1 Lagos BASAWA MFB Tier 2 Kaduna; CASHA MFB Tier 2 Abuja; ESTEEM MFB Tier 2 Kano; ENTERPRENEUR MFB Tier 1 Lagos; AVANTUS MFB Tier 2 Osun.