Forty-six Microfinance Banks have lost their operating licenses, the Central Bank of Nigeria (CBN) announced on Wednesday in Abuja.
The apex financial sector regulatory authority said the revocation of the licenses of the affected banks takes effect from July 1, 2026.
The CBN said the revocation of the licenses were in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
A statement from the CBN signed by its Acting Director, Corporate Communications Department, Hakama Sidi-Ali, confirmed the CBN Governor, Olayemi Cardoso, sanctioned the revocation of the licenses.
Sidi-Ali said the withdrawal of the banks’ operating licenses followed their failure to meet the regulatory requirements for continued operation as licensed financial institutions.
“The revocation order became necessary because of one or more of the doll circumstances, including 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,” Sidi-Ali said.
She said the revocation of the licenses 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 CBN, she assured, remains committed to promoting a safe, sound and resilient financial system and will continue to where necessary, to maintain public confidence in the Nigerian financial system.
The affected MFBs are listed below:
List of Revoked Microfinance Banks:
1. Minji-Se Churchill MFB
2. Merchant MFB
3. Janmaa MFB
4. Busu MFB
5. Gold MFB
6. Zain MFB (formerly Dawakin Tofa MFB)
7. Bompai MFB
8. Ajwa MFB (Formerly Gezawa)
9. NOW NOW DIGITAL MFB
10. Crystabel Microfinance Bank
11. Chanelle MFB
12. Abia SME MFB
13. Kamba MFB
14. Iwade MFB
15. Winview MFB
16. Zuru MFB
17. Minjibir MFB
18. Shanono MFB
19. Sumaila MFB
20. Rimin Gado MFB
21. Mwaghavul MFB
22. Sycamore MFB
23. TOFA MFB
24. Safegate MFB
25. Creekline MFB
26. Bestar MFB
27. Livingspring MFB
28. Apple MFB
29. Stanford MFB
30. Frontline MFB
31. Zafec MFB
32. Supreme MFB
33. Bejin-Doko MFB
34. Kanopoly MFB
35. Bellbank MFB (formerly Tsanyawa)
36. Yeneng MFB
37. Creditville MFB
38. MBAG MFB
39. STRAIGHT SAHARA MFB
40. OURPASS MFB
41. VERDANT MFB
42. BASAWA MFB
43. CASHA MFB
44. ESTEEM MFB
45. ENTREPRENEUR MFB
46. AVANTUS MFB
