The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country over their failure to meet regulatory requirements for continued operation.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the CBN, the revocation took effect on July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020. It said the decision, approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, was aimed at safeguarding the stability of the financial system, protecting depositors and ensuring compliance with regulatory standards.
The CBN said the affected institutions failed to meet one or more regulatory requirements, including insufficient assets to meet liabilities, closure of operations without the approval of the apex bank, prolonged inactivity, failure to commence operations within 12 months of licence approval, and failure to maintain the required minimum capital unimpaired by losses.
It stated, “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 apex bank added that it remained 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:
1. Minji-Se Churchill MFB (Rivers)
2. Merchant MFB (Abia)
3. Janmaa MFB (Kwara)
4. Busu MFB (Niger)
5. Gold MFB (Lagos)
6. Zain MFB, formerly Dawakin Tofa MFB (Kano)
7. Bompai MFB (Kano)
8. Ajwa MFB (Kano)
9. Now Now Digital MFB (Kano)
10. Crystabel Microfinance Bank (Bayelsa)
11. Chanelle MFB (Lagos)
12. Abia SME MFB (Abia)
13. Kamba MFB (Kebbi)
14. Iwade MFB (Ogun)
15. Winview MFB (Abuja)
16. Zuru MFB (Kebbi)
17. Minjibir MFB (Kano)
18. Shanono MFB (Kano)
19. Sumaila MFB (Kano)
20. Rimin Gado MFB (Kano)
21. Mwaghavul MFB (Plateau)
22. Sycamore MFB (Kano)
23. TOFA MFB (Kano)
24. Safegate MFB (Lagos)
25. Creekline MFB (Delta)
26. Bestar MFB (Oyo)
27. Livingspring MFB (Cross River)
28. Apple MFB (Ogun)
29. Stanford MFB (Uyo)
30. Frontline MFB (Anambra)
31. Zafec MFB (Kaduna)
32. Supreme MFB (Lagos)
33. Bejin-Doko MFB (Niger)
34. Kanopoly MFB (Kano)
35. Bellbank MFB, formerly Tsanyawa MFB (Kano)
36. Yeneng MFB (Plateau)
37. Creditville MFB (Lagos)
38. MBAG MFB (Lagos)
39. Straight Sahara MFB (Benue)
40. Our Pass MFB (Ondo)
41. VERDANT MFB (Lagos)
42. Basawa MFB (Kaduna)
43. Casha MFB (Abuja)
44. Esteem MFB (Kano)
45. Enterpreneur MFB (Lagos)
46. Avantus MFB (Osun)
The latest action comes months after the CBN raised the minimum capital requirements for banks in March 2024, giving operators until March 31, 2026, to comply with the new capital threshold. In March 2026, the regulator disclosed that 30 banks had successfully met the recapitalisation requirements.
