The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) with effect from July 1, 2026, in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The decision was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, following the affected banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
According to the CBN, the revocation became necessary due to one or more of the following reasons:
- Insufficient assets to meet liabilities.
- Closure of operations without the approval of the CBN.
- Inactivity and cessation of financial intermediation.
- Failure to commence operations within 12 months of licence approval.
- Failure to maintain the required minimum capital funds unimpaired by losses.
The apex bank stated that the action forms part of its ongoing efforts to safeguard the stability of Nigeria’s financial system, protect depositors, and ensure that all licensed financial institutions comply with existing laws and regulatory requirements.
The CBN reiterated its commitment to promoting a safe, sound, and resilient financial sector, adding that it will continue to take appropriate supervisory and regulatory actions whenever necessary to maintain public confidence in the nation’s banking system.
The announcement was signed by Mrs. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department, on July 1, 2026.
Full List of the 46 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 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 (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)
The latest development serves as a reminder of the CBN’s stricter regulatory oversight aimed at strengthening Nigeria’s financial sector and ensuring that only financially sound institutions continue to operate.
