CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Failures

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

The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026.

The action was carried out in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following approval by CBN Governor, Olayemi Cardoso.

According to the CBN, the affected institutions failed to meet key obligations required to remain operational, including maintaining sufficient assets to cover liabilities, remaining active in financial intermediation, commencing operations within the approved period, and maintaining the required minimum capital base.

The regulator said the move was aimed at protecting depositors, strengthening confidence in the financial system, and ensuring that only compliant financial institutions operate in the country.

The 46 affected microfinance banks are:

1. Minji-Se Churchill MFB (Tier 1) – Rivers State
2. Merchant MFB (Tier 2) – Abia State
3. Janmaa MFB (Tier 1) – Kwara State
4. Busu MFB (Tier 2) – Niger State
5. Gold MFB (Tier 1) – Lagos State
6. Zain MFB (formerly Dawakin Tofa MFB) (Tier 2) – Kano State
7. Bompai MFB (Tier 1) – Kano State
8. Ajwa MFB (Tier 2) – Kano State
9. Now Now Digital MFB (Tier 2) – Kano State
10. Crystabel Microfinance Bank (Tier 1) – Bayelsa State
11. Chanelle MFB (State-based) – Lagos State
12. Abia SME MFB (Tier 1) – Abia State
13. Kamba MFB (Tier 2) – Kebbi State
14. Iwade MFB (Tier 2) – Ogun State
15. Winview MFB (Tier 1) – Abuja
16. Zuru MFB (Tier 2) – Kebbi State
17. Minjibir MFB (Tier 1) – Kano State
18. Shanono MFB (Tier 2) – Kano State
19. Sumaila MFB (Tier 2) – Kano State
20. Rimin Gado MFB (Tier 2) – Kano State
21. Mwaghavul MFB (State-based) – Plateau State
22. Sycamore MFB (Tier 2) – Kano State
23. TOFA MFB (Tier 2) – Kano State
24. Safegate MFB (Tier 1) – Lagos State
25. Creekline MFB (Tier 2) – Delta State
26. Bestar MFB (Tier 1) – Oyo State
27. Livingspring MFB (Tier 1) – Cross River State
28. Apple MFB (Tier 2) – Ogun State
29. Stanford MFB (State-based) – Uyo, Akwa Ibom State
30. Frontline MFB (Tier 2) – Anambra State
31. Zafec MFB (Tier 2) – Kaduna State
32. Supreme MFB (Tier 1) – Lagos State
33. Bejin-Doko MFB (Tier 2) – Niger State
34. Kanopoly MFB (Tier 1) – Kano State
35. Bellbank MFB (formerly Tsanyawa) (Tier 2) – Kano State
36. Yeneng MFB (Tier 2) – Plateau State
37. Creditville MFB (Tier 1) – Lagos State
38. MBAG MFB (Tier 1) – Lagos State
39. Straight Sahara MFB (Tier 1) – Benue State
40. Our Pass MFB (Tier 2) – Ondo State
41. Verdant MFB (Tier 1) – Lagos State
42. Basawa MFB (Tier 2) – Kaduna State
43. Casha MFB (Tier 2) – Abuja
44. Esteem MFB (Tier 2) – Kano State
45. Entrepreneur MFB (Tier 1) – Lagos State
46. Avantus MFB (Tier 2) – Osun State

The CBN said it would continue to take supervisory actions where necessary to maintain a safe and stable financial sector.

The revocation comes amid ongoing efforts by the regulator to ensure compliance with revised banking requirements, including the recapitalisation exercise introduced for financial institutions.