CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Breaches

By Nafiu Muhammad Lema

The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country for failing to comply with key regulatory requirements.

The apex bank announced in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, that the revocation took effect from July 1, 2026.

According to the CBN, the decision was approved by Governor Olayemi Cardoso in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The regulator explained that the affected institutions were sanctioned for reasons including inadequate assets to meet liabilities, suspension of operations without approval, prolonged inactivity, failure to commence business within the stipulated period after obtaining licences, and inability to maintain the required minimum capital.

The CBN said the move forms part of its ongoing efforts to strengthen Nigeria’s financial system, protect depositors’ funds, and ensure that licensed financial institutions operate in compliance with existing laws and prudential standards.

Among the affected banks are institutions located in Lagos, Kano, Abuja, Rivers, Abia, Kaduna, Kebbi, Ogun, Plateau, Niger, Delta, Oyo, Benue, Bayelsa, Cross River, Ondo, Osun and other states.

The development follows the CBN’s banking recapitalisation programme introduced in 2024, which required banks to meet higher minimum capital thresholds by March 31, 2026. Earlier this year, the apex bank disclosed that 30 banks had successfully met the new capital requirements.

Below are the affected banks:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun