Full list: CBN revokes licenses of 46 Microfinance banks

The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country over their failure to comply with regulatory requirements.

In a statement issued on Wednesday, Hakama Sidi-Ali, acting director of corporate communications at the apex bank, said the revocation took effect from July 1, 2026, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the decision was approved by Olayemi Cardoso, governor of the apex bank, as part of ongoing efforts to strengthen the financial system, protect depositors and enforce compliance within the banking sector.

The regulator explained that the affected institutions were sanctioned for reasons including inadequate assets to meet liabilities, shutting down operations without prior approval, prolonged inactivity, failure to commence operations within the stipulated period after receiving licences, and inability to maintain the required minimum capital base.

“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 apex bank also reaffirmed its commitment to maintaining a stable and resilient financial system through continuous supervisory and regulatory actions.

The affected microfinance banks 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 (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. Our Pass MFB (Ondo)
41. Verdant MFB (Lagos)
42. Basawa MFB (Kaduna)
43. Casha MFB (Abuja)
44. Esteem MFB (Kano)
45. Enterpreneur MFB (Lagos)
46. Avantus MFB (Osun)

The development comes after the CBN raised the minimum capital requirements for banks in March 2024 and gave financial institutions until March 31, 2026, to comply.

Earlier this year, the regulator disclosed that 30 banks had successfully met the new capital threshold.