CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Breaches

Oru Leonard 

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks with effect from July 1, 2026, citing their failure to meet the regulatory requirements for continued operation.

According to a statement issued by the CBN’s Spokesperson Sidi­Ali, Hakama (Mrs), the apex bank said the action, approved by CBN Governor Mr. Olayemi Cardoso, was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following supervisory assessments of the affected institutions.

The revocation became necessary due to one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the bank’s approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and inability to maintain the required minimum capital unimpaired by losses.

The bank explained that the measure forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, safeguard depositors’ interests, and ensure strict compliance with extant banking laws and prudential regulations.

Reaffirming its commitment to a safe, sound and resilient financial sector, the CBN said it would continue to take appropriate supervisory and regulatory actions where necessary to sustain public confidence in the nation’s financial system.

 

The affected microfinance banks are:

Advertisement

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

In March 2024, CBN increased the capital base for banks, giving them until March 31, 2026, to meet the requirements.