The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks (MFBs) across the country for failing to comply with key regulatory requirements.
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 Governor Olayemi Cardoso under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, as part of efforts to strengthen the stability of Nigeria’s financial system and protect depositors.
The bank said the affected institutions were found to have breached one or more regulatory requirements, including inadequate assets to meet liabilities, shutting down operations without regulatory approval, prolonged inactivity, failure to commence business within 12 months of receiving licences, and inability to maintain the prescribed minimum capital.
“The revocation of these licences forms part of the Bank’s ongoing supervisory efforts to safeguard the financial system, protect depositors and ensure that licensed institutions operate in compliance with extant laws and regulatory standards,” the statement said.
The CBN reaffirmed its commitment to maintaining a safe, sound and resilient financial sector, adding that it would continue to take regulatory action where necessary to sustain public confidence in the banking industry.
Affected Microfinance Banks
The 46 affected institutions are:
- 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 MFB (Bayelsa)
- Chanelle MFB (Lagos)
- Abia SME MFB (Abia)
- Kamba MFB (Kebbi)
- Iwade MFB (Ogun)
- Winview MFB (FCT)
- 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 (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 (FCT)
- Esteem MFB (Kano)
- Enterpreneur MFB (Lagos)
- Avantus MFB (Osun)
The latest development comes months after the CBN concluded the banking sector recapitalisation exercise. In March 2024, the regulator raised the minimum capital requirements for banks, giving lenders until March 31, 2026, to comply.
Earlier this year, the apex bank announced that 30 commercial banks had successfully met the new capital threshold.
