BREAKING: CBN Revokes Operating Licences of 46 Microfinance Banks (Full List)

CBN has revoked the operating licences of 46 Microfinance Banks across Nigeria.

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements.

The apex bank announced the decision in a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali, on Wednesday.

According to the CBN, the revocation took effect from July 1, 2026, following the approval of the Governor, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The bank explained that the affected institutions failed to comply with critical regulatory standards required for continued operation.

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It said the licences were withdrawn for one or more reasons, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months of licence approval, and failure to maintain the minimum capital required by law.

The statement read: “The revocation of the licences 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 Central Bank of Nigeria 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.”

Full list of the 46 affected microfinance banks

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 (formerly Dawakin Tofa MFB) – Kano
7. Bompai MFB (Kano)
8. Ajwa MFB (formerly Gezawa MFB) – Kano
9. NOW NOW Digital MFB (Kano)
10. Crystabel Microfinance Bank (Bayelsa)
11. Chanelle MFB (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 (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 (Akwa Ibom/Uyo)
30. Frontline MFB (Anambra)
31. Zafec MFB (Kaduna)
32. Supreme MFB (Lagos)
33. Bejin-Doko MFB (Niger)
34. Kanopoly MFB (Kano)
35. Bellbank MFB (formerly Tsanyawa MFB) – 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. Entrepreneur MFB (Lagos)
46. Avantus MFB (Osun)

The latest action forms part of the CBN’s ongoing regulatory oversight aimed at strengthening Nigeria’s banking sector and ensuring that only financially sound and compliant institutions remain licensed to operate.