By Ogochukwu Isioma
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country, citing their failure to meet regulatory requirements for continued operation.
In a press statement on Tuesday signed by Mrs Sidi-Ali Hakama, Acting Director, Corporate Communications Department, the apex bank said the revocation took effect from July 1, 2026, in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the decision was approved by its Governor, Mr Olayemi Cardoso, following the affected institutions’ inability to comply with the conditions required to operate as licensed financial institutions.
The bank said the affected MFBs were found wanting in one or more of several regulatory areas, including insufficient assets to meet liabilities, closure of operations without prior approval from the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and inability to maintain the required minimum capital.
The CBN stated that the action forms part of its ongoing efforts to safeguard the stability of Nigeria’s financial system, protect depositors, and ensure strict compliance with extant banking laws and regulatory standards.
The apex bank reaffirmed its commitment to promoting a safe, sound and resilient financial sector, assuring the public that it will continue to take appropriate supervisory and regulatory measures to strengthen confidence in the nation’s financial system.
The 46 Microfinance Banks whose operating licences were revoked by the Central Bank of Nigeria (CBN) are:
1. Miniji-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, Akwa Ibom)
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)
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