The Central Bank of Nigeria (CBN) has officially revoked the operating licences of 46 microfinance banks (MFBs), over their failure to meet regulatory conditions for continued operation.
In a statement on Wednesday, the acting director of corporate communications Hakama Sidi-Ali stated that CBN said the revocation is to take full effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The Central Bank of Nigeria said its governor, Olayemi Cardoso, approved the action as part of efforts to safeguard the stability of the financial system, protect depositors, and ensure compliance with regulatory standards.
CBN said, “According to the revocation order, the action became necessary because of one or more of the circumstances :Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.”
“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 reads.
The affected microfinance banks are:
1. Minji-Se Churchill MFB (tier 1) in Rivers
2. Merchant MFB (tier 2) in Abia
3. Janmaa MFB (tier 1) in Kwara
4. Busu MFB (tier 2) in Niger
5. Gold MFB (tier 1) in Lagos
6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano
7. Bompai MFB (tier 1) in Kano
8. Ajwa MFB (tier 2) in Kano
9. Now Now Digital MFB (tier 2) in Kano
10. Crystabel Microfinance Bank (tier 1) in Bayelsa
11. Chanelle MFB (state-based) in Lagos
12. Abia SME MFB (tier 1) in Abia
13. Kamba MFB (tier 2) in Kebbi
14. Iwade MFB (tier 2) in Ogun
15. Winview MFB (tier 1) in Abuja
16. Zuru MFB (tier 2) in Kebbi
17. Minjibir MFB (tier 1) in Kano
18. Shanono MFB (tier 2) in Kano
19. Sumaila MFB (tier 2) in Kano
20. Rimin Gado MFB (tier 2) in Kano
21. Mwaghavul MFB (state-based) in Plateau
22. Sycamore MFB (tier 2) Kano
23. TOFA MFB (tier 2) in Kano
24. Safegate MFB (tier 1) in Lagos
25. Creekline MFB (tier 2) in Delta
26. Bestar MFB (tier 1) in Oyo
27. Livingspring MFB (tier 1) in Cross River
28. Apple MFB (tier 2) in Ogun
29. Stanford MFB (state-based) in Uyo
30. Frontline MFB (tier 2) in Anambra
31. Zafec MFB (tier 2) in Kaduna
32. Supreme MFB (tier 1) in Lagos
33. Bejin-Doko MFB (tier 2) in Niger
34. Kanopoly MFB (tier 1) in Kano
35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano
36. Yeneng MFB (tier 2) in Plateau
37. Creditville MFB (tier 1) in Lagos
38. MBAG MFB (tier 1) in Lagos
39. Straight Sahara MFB (tier 1) in Benue
40. Our Pass MFB (tier 2) in Ondo
41. VERDANT MFB (tier 1) in Lagos
42. Basawa MFB (tier 2) in Kaduna
43. Casha MFB (tier 2) in Abuja
44. Esteem MFB (tier 2) in Kano
45. Enterpreneur MFB (tier 1) in Lagos
46. Avantus MFB (tier 2) in Osun
Backstory…
Meanwhile, this comes following the recent recapitalisation requirement.
Additionally, in March, CBN Governor Olayemi Cardoso confirmed that 30 banks have surpassed recapitalization targets ahead of deadline.
Speaking at a Monetary Policy Forum in Abuja, Cardoso described this achievement as a “commendable” milestone that underscores the growing resilience of our domestic banking system.
Read Also: CBN Governor Olayemi Cardoso confirms 32 banks have surpassed recapitalization targets
