The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing failure by the affected institutions to meet regulatory requirements necessary to continue operations.
The apex bank announced that the revocation took effect on Wednesday, July 1, 2026, following approval by the CBN Governor, Olayemi Cardoso, in line with the powers granted to the bank under the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the decision was taken after the affected microfinance banks failed to comply with conditions attached to their licences and other regulatory obligations required of financial institutions operating in Nigeria.
The revocation is part of the regulator’s continued efforts to strengthen Nigeria’s financial system, protect depositors, and ensure that only institutions capable of meeting operational and prudential standards remain in the banking sector.
The CBN said the affected banks had fallen short in areas that are critical to maintaining confidence in the financial sector, although details of the specific violations by each institution were not immediately disclosed.
Microfinance banks play a major role in providing financial services to individuals, small businesses and underserved communities, particularly those with limited access to conventional banking services. The revocation of licences is therefore expected to attract attention among customers and stakeholders within the sector.
The latest action follows previous regulatory exercises by the CBN in which licences of several financial institutions were withdrawn for failing to meet statutory requirements. In earlier instances, the apex bank cited issues such as prolonged inactivity, failure to fulfil licensing conditions and non-compliance with banking regulations as reasons for revocations.
Following such revocations, the Nigeria Deposit Insurance Corporation is typically involved in the liquidation process and the management of insured deposits belonging to customers of affected institutions.
Financial analysts have consistently noted that while licence withdrawals may affect customers and employees of affected institutions in the short term, regulatory enforcement is aimed at preventing weak banks from creating wider risks within the financial system.
The CBN has urged stakeholders to rely on official communication channels for further information regarding the affected institutions and any processes that may follow the revocation exercise.
The development marks another major intervention by Nigeria’s banking regulator as it continues efforts to improve compliance, corporate governance and stability within the microfinance banking sector.
The affected microfinance banks 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 (formerly Gezawa MFB) – Kano
- NOW NOW Digital MFB (Kano)
- Crystabel Microfinance Bank (Bayelsa)
- Chanelle MFB (Lagos)
- Abia SME MFB (Abia)
- Kamba MFB (Kebbi)
- Iwade MFB (Ogun)
- Winview MFB (Abuja)
- 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/Uyo)
- 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)
- OurPass MFB (Ondo)
- Verdant MFB (Lagos)
- Basawa MFB (Kaduna)
- Casha MFB (Abuja)
- Esteem MFB (Kano)
- Entrepreneur MFB (Lagos)
- Avantus MFB (Osun).
