The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks nationwide after identifying repeated regulatory violations and their inability to meet the standards required to continue operating.
The banking regulator disclosed that the licence revocations will take effect from July 1, 2026.
It explained that the action followed the approval of the CBN Governor, Mr. Olayemi Cardoso, in line with the powers granted under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
CBN explains why the banks lost their licences
According to the CBN, the affected microfinance banks did not meet several critical regulatory obligations necessary to retain their operating licences.
The apex bank stated that the decision was based on one or more of the following violations:
1. Insufficient assets to meet liabilities.
2. Closure of operations without obtaining CBN approval.
3. Inactivity and cessation of financial intermediation.
4. Failure to commence operations within 12 months after receiving a licence.
5. Failure to maintain the minimum capital requirement without impairment from losses.
The regulator noted that the enforcement measure forms part of its ongoing commitment to reinforcing the stability of the financial sector, protecting depositors’ funds, and ensuring that licensed financial institutions operate in full compliance with existing laws and prudential guidelines.
Move aimed at protecting depositors
The CBN reaffirmed its dedication to maintaining a safe, stable, and resilient financial system, adding that it will continue to implement supervisory and regulatory measures whenever necessary to preserve public trust in Nigeria’s banking industry.
Full list of the 46 affected microfinance banks
The affected institutions are:
(1) Minji-Se Churchill MFB (Rivers)
(2) Merchant MFB (Abia)
(3) Janmaa MFB (Kwara)
(4) Busu MFB (Niger)
(5) Gold MFB (Lagos)
(6) Zain MFB (formerly Dawakin Tofa MFB) (Kano)
(7) Bompai MFB (Kano)
(8) Ajwa MFB (formerly Gezawa MFB) (Kano)
(9) NOW NOW Digital MFB (Kano)
(10) Crystabel Microfinance Bank (Bayelsa)
(11) Chanelle MFB (Lagos)
(12) Abia SME MFB (Abia)
(13) Kamba MFB (Kebbi)
(14) Iwade MFB (Ogun)
(15) Winview MFB (Abuja)
(16) Zuru MFB (Kebbi)
(17) Minjibir MFB (Kano)
(18) Shanono MFB (Kano)
(19) Sumaila MFB (Kano)
(20) Rimin Gado MFB (Kano)
(21) Mwaghavul MFB (Plateau)
(22) Sycamore MFB (Kano)
(23) TOFA MFB (Kano)
(24) Safegate MFB (Lagos)
(25) Creekline MFB (Delta)
(26) Bestar MFB (Oyo)
(27) Livingspring MFB (Cross River)
(28) Apple MFB (Ogun)
(29) Stanford MFB (Uyo)
(30) Frontline MFB (Anambra)
(31) Zafec MFB (Kaduna)
(32) Supreme MFB (Lagos)
(33) Bejin-Doko MFB (Niger)
(34) Kanopoly MFB (Kano)
(35) Bellbank MFB (formerly Tsanyawa MFB) (Kano)
(36) Yeneng MFB (Plateau)
(37) Creditville MFB (Lagos)
(38) MBAG MFB (Lagos)
(39) Straight Sahara MFB (Benue)
(40) OurPass MFB (Ondo)
(41) Verdant MFB (Lagos)
(42) Basawa MFB (Kaduna)
(43) Casha MFB (Abuja)
(44) Esteem MFB (Kano)
(45) Entrepreneur MFB (Lagos)
(46) Avantus MFB (Osun).
