The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country over their failure to comply with key regulatory requirements, marking one of the banking regulator’s most sweeping enforcement actions in recent years.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, saying the revocation took effect from July 1, 2026.
According to the CBN, the action was approved by its Governor, Olayemi Cardoso, in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020, as part of efforts to safeguard the financial system, protect depositors and ensure strict compliance with regulatory standards.
The apex bank said the affected institutions failed to meet one or more of the conditions required to retain their operating licences.
“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 statement said.
It added: “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.”
Affected Microfinance Banks Whose Licences Were Revoked by the CBN
- Minji-Se Churchill MFB (Rivers)
- Merchant MFB (Abia)
- Janmaa MFB (Kwara)
- Busu MFB (Niger)
- Gold MFB (Lagos)
- Zain MFB (formerly Dawakin Tofa MFB) (Kano)
- Bompai MFB (Kano)
- Ajwa MFB (Kano)
- Now Now Digital MFB (Kano)
- Crystabel Microfinance Bank (Bayelsa)
- Chanelle MFB (Lagos)
- Abia SME MFB (Abia)
- Kamba MFB (Kebbi)
- Iwade MFB (Ogun)
- Winview MFB (Abuja)
- Zuru MFB (Kebbi)
- Minjibir MFB (Kano)
- Shanono MFB (Kano)
- Sumaila MFB (Kano)
- Rimin Gado MFB (Kano)
- Mwaghavul MFB (Plateau)
- Sycamore MFB (Kano)
- TOFA MFB (Kano)
- Safegate MFB (Lagos)
- Creekline MFB (Delta)
- Bestar MFB (Oyo)
- Livingspring MFB (Cross River)
- Apple MFB (Ogun)
- Stanford MFB (Uyo, Akwa Ibom)
- Frontline MFB (Anambra)
- Zafec MFB (Kaduna)
- Supreme MFB (Lagos)
- Bejin-Doko MFB (Niger)
- Kanopoly MFB (Kano)
- Bellbank MFB (formerly Tsanyawa MFB) (Kano)
- Yeneng MFB (Plateau)
- Creditville MFB (Lagos)
- MBAG MFB (Lagos)
- Straight Sahara MFB (Benue)
- Our Pass MFB (Ondo)
- VERDANT MFB (Lagos)
- Basawa MFB (Kaduna)
- Casha MFB (Abuja)
- Esteem MFB (Kano)
- Enterpreneur MFB (Lagos)
- Avantus MFB (Osun)
The CBN reiterated that it remains committed to promoting a safe, sound and resilient financial system, stressing that it would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s banking sector.
The latest action follows the banking recapitalisation programme introduced by the apex bank in March 2024, which gave financial institutions until March 31, 2026, to meet new minimum capital requirements.
Earlier this year, the CBN disclosed that 30 banks had successfully met the new capital threshold, while institutions that failed to comply continued to face regulatory sanctions.
With the revocation now in effect, the 46 affected institutions have lost their legal authority to operate as licensed microfinance banks in Nigeria.
