CBN Revokes Licenses of 46 Microfinance Banks Across Nigeria — Full List Released

CBN Revokes Licenses of 46 Microfinance Banks Across Nigeria — Full List Released

CBN Shuts Down 46 Microfinance Banks Over Regulatory Violations

The Central Bank of Nigeria (CBN) has officially revoked the operating licenses of 46 Microfinance Banks (MFBs) across the country, effective July 1, 2026, in a major regulatory move aimed at strengthening Nigeria's financial system and protecting depositors.

The decision was approved by the CBN Governor, Mr. Olayemi Cardoso, under the powers granted by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to a statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the affected institutions failed to meet the minimum regulatory standards required to continue operating as licensed financial institutions.

Why the CBN Revoked the Licenses

The apex bank stated that the licenses were withdrawn due to one or more of the following reasons:

- Insufficient assets to meet liabilities.

- Closure of operations without CBN approval.

- Prolonged inactivity and cessation of financial services.

- Failure to commence operations within 12 months after obtaining a license.

- Failure to maintain the required minimum capital base.

The CBN emphasized that the enforcement action forms part of its ongoing efforts to ensure that only financially sound and well-managed institutions remain in Nigeria's banking sector.

CBN Reaffirms Commitment to Financial Stability

The Central Bank reiterated its commitment to maintaining a safe, stable, and resilient financial system.

According to the regulator, strict supervision and enforcement actions will continue against institutions that fail to comply with existing banking regulations.

The bank added that these measures are designed to protect depositors, strengthen public confidence, and preserve the integrity of Nigeria's financial sector.

Full List of the 46 Microfinance Banks Whose Licenses Were Revoked

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 – 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

What This Means for Customers

Customers who maintained accounts with any of the affected microfinance banks are advised to stay informed through official CBN channels and follow any guidance provided regarding deposits, claims, or further regulatory processes.

The revocation does not affect licensed commercial banks or other microfinance institutions that continue to meet the Central Bank's regulatory requirements.

Conclusion

The revocation of 46 microfinance bank licenses marks one of the CBN's most significant regulatory actions in recent years. By removing institutions that no longer satisfy licensing requirements, the apex bank aims to enhance financial stability, improve confidence in the banking sector, and ensure that Nigerians are served by stronger and better-capitalized financial institutions.

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