Following what it described as failure to meet regulatory requirements for continued operation, the Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).
The apex bank in a statement issued on Wednesday by it’s spokesman, Hakama Sidi-Ali said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the action was approved by Olayemi Cardoso as part of efforts to safeguard the stability of the system, protect depositors and ensure compliance with regulatory standards.
“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,” CBN said.
“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.
CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.
The affected microfinance banks are:
Minji-Se Churchill MFB (tier 1) in Rivers
Merchant MFB (tier 2) in Abia
Janmaa MFB (tier 1) in Kwara
Busu MFB (tier 2) in Niger
Gold MFB (tier 1) in Lagos
Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano
Bompai MFB (tier 1) in Kano
Ajwa MFB (tier 2) in Kano
Now Now Digital MFB (tier 2) in Kano
Crystabel Microfinance Bank (tier 1) in Bayelsa
Chanelle MFB (state-based) in Lagos
Abia SME MFB (tier 1) in Abia
Now Now Digital MFB (tier 2) in Kano
Crystabel Microfinance Bank (tier 1) in Bayelsa
Chanelle MFB (state-based) in Lagos
Abia SME MFB (tier 1) in Abia
Kamba MFB (tier 2) in Kebbi
Iwade MFB (tier 2) in Ogun
Winview MFB (tier 1) in Abuja
Zuru MFB (tier 2) in Kebbi
Minjibir MFB (tier 1) in Kano
Shanono MFB (tier 2) in Kano
Sumaila MFB (tier 2) in Kano
Rimin Gado MFB (tier 2) in Kano
Mwaghavul MFB (state-based) in Plateau
Sycamore MFB (tier 2) Kano
TOFA MFB (tier 2) in Kano
Safegate MFB (tier 1) in Lagos
Creekline MFB (tier 2) in Delta
Bestar MFB (tier 1) in Oyo
Livingspring MFB (tier 1) in Cross River
Apple MFB (tier 2) in Ogun
Stanford MFB (state-based) in Uyo
Frontline MFB (tier 2) in Anambra
Zafec MFB (tier 2) in Kaduna
Supreme MFB (tier 1) in Lagos
Bejin-Doko MFB (tier 2) in Niger
Kanopoly MFB (tier 1) in Kano
Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano
Yeneng MFB (tier 2) in Plateau
Creditville MFB (tier 1) in Lagos
MBAG MFB (tier 1) in Lagos
Straight Sahara MFB (tier 1) in Benue
Our Pass MFB (tier 2) in Ondo
VERDANT MFB (tier 1) in Lagos
Basawa MFB (tier 2) in Kaduna
Casha MFB (tier 2) in Abuja
Esteem MFB (tier 2) in Kano
Enterpreneur MFB (tier 1) in Lagos
Avantus MFB (tier 2) in Osun
In March 2024, CBN increased the capital base for banks, giving them until March 31, 2026, to meet the requirements.
On March 6, 2026, the financial regulator said 30 banks have met the minimum capital requirement.
