The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, the apex bank announced on Wednesday.
The revocation, approved by CBN Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, follows the affected institutions’ failure to meet regulatory requirements for continued operation.
In a statement signed by Mrs i’m not going to watch any movie I went to Lokoja I I now. Hakama Sidi‑Ali, Acting Director of the CBN Corporate Communications Department, the bank said the action was taken where one or more of the following conditions applied: insufficient assets to meet liabilities; closure of operations without CBN approval; inactivity or cessation of financial intermediation; failure to commence operations within 12 months of licence approval; and failure to maintain minimum capital unimpaired by losses.
“The revocations form part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure compliance with existing laws and regulatory requirements,” the statement said. The CBN reiterated its commitment to promoting a safe, sound and resilient financial system and said it will continue to take supervisory and regulatory actions as necessary to maintain public confidence.
The CBN published the names of the affected microfinance banks. They are:
1. Minji‑Se Churchill MFB
2. Merchant MFB
3. Janmaa MFB
4. Busu MFB
5. Gold MFB
6. Zain MFB (formerly Dawakin Tofa MFB)
7. Bompai MFB
8. Ajwa MFB (formerly Gezawa)
9. Now Now Digital MFB
10. Crystabel Microfinance Bank
11. Chanelle MFB
12. Abia SME MFB
13. Kamba MFB
14. Iwade MFB
15. Winview MFB
16. Zuru MFB
17. Minjibir MFB
18. Shanono MFB
19. Sumaila MFB
20. Rimin Gado MFB
21. Mwaghavul MFB
22. Sycamore MFB
23. Tofa MFB
24. Safegate MFB
25. Creekline MFB
26. Bestar MFB
27. Livingspring MFB
28. Apple MFB
29. Stanford MFB
30. Frontline MFB
31. Zafec MFB
32. Supreme MFB
33. Bejin‑Doko MFB
34. Kanopoly MFB
35. Bellbank MFB (formerly Tsanyawa)
36. Yeneng MFB
37. Creditville MFB
38. MBAG MFB
39. Straight Sahara MFB
40. Ourpass MFB
41. Verdant MFB
42. Basawa MFB
43. Casha MFB
44. Esteem MFB
45. Entrepreneur MFB
46. Avantus MFB
The CBN advised depositors and stakeholders to consult the bank’s official communication channels for further guidance and for the full official list and details on the regulatory implications of the revocations.
