CBN Revokes Licenses of 46 Microfinance Banks Over Regulatory Violations

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks (MFBs) across the country, effective July 1, 2026, as part of its ongoing efforts to strengthen the stability and integrity of Nigeria's financial system.

The decision, approved by CBN Governor Olayemi Cardoso, was made in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the apex bank, the affected institutions failed to meet the regulatory standards required to continue operating as licensed financial institutions.

Why the CBN Revoked the Licenses

The CBN stated that one or more of the following reasons led to the revocation of the affected banks' licenses:

Insufficient assets to meet liabilities.
Closure of operations without prior approval from the CBN.
Inactivity and cessation of financial intermediation.
Failure to commence operations within 12 months after obtaining a banking licence.
Failure to maintain the minimum capital requirements without impairment from accumulated losses.

The regulator emphasized that the action is aimed at protecting depositors, promoting confidence in the banking system, and ensuring that only financially sound institutions remain licensed.
In a statement signed by Mrs. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department, the CBN reaffirmed its commitment to maintaining a safe, resilient, and well-regulated financial sector.

Full List of the 46 Microfinance Banks Whose Licenses Were Revoked

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

What This Means for Customers

Customers of the affected microfinance banks are advised to stay informed through official communications from the CBN and the Nigeria Deposit Insurance Corporation (NDIC) regarding the resolution process and the recovery of insured deposits where applicable.
The revocation serves as another reminder of the CBN's determination to enforce regulatory compliance and ensure that licensed financial institutions operate safely, remain adequately capitalized, and continue to protect the interests of depositors.
As the Nigerian financial sector continues to evolve, the CBN says it will not hesitate to take decisive supervisory actions against institutions that fail to comply with the country's banking regulations.