CBNThe Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks with effect from July 1, 2026, in accordance with its powers under
Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
A statement today, July 1, by the spokesperson of the apex Bank, Hakama Sidi Ali said that the revocation was approved by the Governor, Olayemi Cardoso, “following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
According to the revocation order, the action became necessary because of one or more of
the circumstances listed below:
i. Insufficient assets to meet liabilities,
ii. Closure of operations without the CBN approval,
iii. Inactivity and cessation of financial intermediation,
iv. Failure to commence operations within 12 months of licence approval, and
v. Failure to maintain minimum capital funds unimpaired by losses.
The statement said that the revocation of the licenses is part of the Bank’s ongoing efforts to safeguard the stability
of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.
The list of the 46 affected Banks is reproduced:
1 Minji-Se Churchill MFB Rivers
2 Merchant MFB, Abia
3 Janmaa MFB, Kwara
4 Busu MFB, Niger
5 Gold MFB, Lagos
6 Zain MFB (foremerly
Dawakin Tofa MFB) Kano
7 Bompai MFB, Kano
8 Ajwa MFB (Formerly
Gezawa), Kano
9 NOW NOW DIGITAL MFB, Kano
10 Crystabel Microfinance
Bank, Bayelsa
11 Chanelle MFB State Lagos
12 Abia SME MFB, Abia
13 Kamba MFB, Kebbi
14 Iwade MFB, Ogun
15 Winview MFB, Abuja
16 Zuru MFB, Kebbi
17 Minjibir MFB, Kano
18 Shanono MFB, Kano
19 Sumaila MFB, Kano
20 Rimin Gado MFB, Kano
21 Mwaghavul MFB State Plateau
22 Sycamore MFB, Kano
23 TOFA MFB, Kano
24 Safegate MFB, Lagos
25 Creekline MFB Delta,
26 Bestar MFB, Oyo
27 Livingspring MFB,
Cross
River
28 Apple MFB, Ogun
29 Stanford MFB State Uyo
30 Frontline MFB, Anambra
31 Zafec MFB, Kaduna
32 Supreme MFB Tier 1 Lagos
33 Bejin-Doko MFB, Niger
34 Kanopoly MFB, Kano
35 Bellbank MFB formerly
Tsanyawa, Kano
36 Yeneng MFB, Plateau
37 Creditville MFB, Lagos
38 MBAG MFB, Lagos
39 STRAIGHT SAHARA MFB, Benue
40 OURPASS MFB, Ondo
41 VERDANT MFB, Lagos
42 BASAWA MFB, Kaduna
43 CASHA MFB, Abuja
44 ESTEEM MFB, Kano
45 ENTERPRENEUR MFB, Lagos
46 AVANTUS MFB, Osun.
The statement stressed that the CBN remains committed to promoting a safe, sound and resilient
financial system and will continue to take appropriate supervisory and regulatory actions,
where necessary, to maintain public confidence in the Nigerian financial system.
