The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks nationwide for failing to meet regulatory requirements, in one of its biggest clean-up exercises this year.
The apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The action was approved by CBN Governor, Olayemi Cardoso.
According to the CBN, the banks were found to have committed one or more infractions, including:
– Insufficient assets to meet liabilities
– Closure of operations without CBN approval
– Prolonged inactivity and cessation of financial intermediation
– Failure to commence operations within 12 months of licence approval
– Inability to maintain minimum capital requirements
The CBN said the move is part of ongoing efforts to “strengthen the financial system, protect depositors and ensure licensed institutions comply with existing laws and regulatory guidelines.” It reaffirmed its commitment to a “safe, sound and resilient banking sector.”
—FULL LIST OF AFFECTED MICROFINANCE BANKS–
- 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 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
–Kano Cluster– - Minjibir MFB – Kano
- Shanono MFB – Kano
- Sumaila MFB – Kano
- Rimin Gado MFB – Kano
- Sycamore MFB – Kano
- Tofa MFB – Kano
- Kanopoly MFB – Kano
- Bellbank MFB (formerly Tsanyawa MFB) – Kano
- Esteem MFB – Kano
- Mwaghavul MFB – Plateau
- 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
- 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
- Entrepreneur MFB – Lagos
- Avantus MFB – Osun
Depositors and stakeholders of the affected banks are advised to contact the CBN and the Nigeria Deposit Insurance Corporation (NDIC) for further guidance on claims and liquidation processes.
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