In an effort to ensure enhanced compliance with its guidelines in their operations, the Central Bank of Nigeria (CBN) has officially revoked the operating licences of 46 microfinance banks (MFBs) across the country.
This is due to their failure to adhere to mandatory regulatory requirements.
In an official statement released on Wednesday, Hakama Sidi-Ali, the Acting Director of Corporate Communications at the apex bank, announced that the revocation became effective from July 1, 2026.
This regulatory action is in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The decision was authorized by CBN Governor, Olayemi Cardoso, as a strategic measure to protect depositors’ funds, maintain the stability of the financial system, and enforce strict regulatory compliance.
According to the official revocation order, the apex bank identified several critical failings, 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.”
The statement emphasized that “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 CBN reaffirmed its commitment to maintaining a resilient financial system and noted it will continue to implement necessary supervisory actions to uphold public confidence.
The 46 affected institutions are as follows:
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
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
This development follows the CBN’s March 2024 directive increasing the capital base for banks, with a deadline of March 31, 2026, for compliance.
As of March 6, 2026, the regulator reported that 30 banks had successfully met the guidelines.
