The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, citing persistent regulatory breaches and failure to meet the conditions required to continue operating as licensed financial institutions.
In a statement issued on Wednesday, the apex bank said the revocation takes effect from July 1, 2026, and was approved by the CBN Governor, Olayemi Cardoso, under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the affected institutions were sanctioned for one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the bank’s approval, prolonged inactivity, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital requirement.
The affected banks are Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB (formerly Dawakin Tofa MFB), Bompai MFB, Ajwa MFB (formerly Gezawa MFB), NOW NOW Digital MFB, Crystabel Microfinance Bank, Chanelle MFB, Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, Tofa MFB, Safegate MFB, Creekline MFB, Bestar MFB, Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin-Doko MFB, Kanopoly MFB, Bellbank MFB (formerly Tsanyawa MFB), Yeneng MFB, Creditville MFB, MBAG MFB, Straight Sahara MFB, OurPass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Entrepreneur MFB and Avantus MFB.
The CBN said the revocation is part of its ongoing efforts to safeguard the stability of the financial system, protect depositors and ensure strict compliance with banking laws and regulatory standards.
The apex bank reaffirmed its commitment to maintaining a safe, sound and resilient financial system, stressing that it will continue to take appropriate supervisory and regulatory actions where necessary to sustain public confidence in Nigeria’s financial sector.