The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks.
The apex bank announced the decision in a statement by its Acting Director of Corporate Communications, Sidi-Ali Hakama.
The statement said the withdrawal took effect on July 1, 2026, after the affected banks failed to meet the rules required to keep operating.
According to the CBN, its Governor, Olayemi Cardoso, approved the move under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The bank said the affected lenders did not meet key regulatory requirements expected of licensed financial institutions.
It said the licences were withdrawn for one or more reasons, including not having enough assets to cover liabilities, shutting down without regulatory approval, staying inactive for a long period and stopping financial services, failing to begin operations within 12 months after getting a licence, and failing to maintain the minimum capital required by law.
“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 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,” the statement read.
The affected banks are: Minji-Se Churchill MFB (Rivers), Merchant MFB (Abia), Janmaa MFB (Kwara), Busu MFB (Niger), Gold MFB (Lagos), Zain MFB (formerly Dawakin Tofa MFB) – Kano, Bompai MFB (Kano), Ajwa MFB (formerly Gezawa MFB) – Kano, NOW NOW Digital MFB (Kano), Crystabel Microfinance Bank (Bayelsa), Chanelle MFB (Lagos), Abia SME MFB (Abia), Kamba MFB (Kebbi), Iwade MFB (Ogun), Winview MFB (Abuja), Zuru MFB (Kebbi), Minjibir MFB (Kano), Shanono MFB (Kano), Sumaila MFB (Kano), Rimin Gado MFB (Kano), Mwaghavul MFB (Plateau), Sycamore MFB (Kano), Tofa MFB (Kano), Safegate MFB (Lagos), Creekline MFB (Delta), Bestar MFB (Oyo), Livingspring MFB (Cross River), Apple MFB (Ogun), Stanford MFB (Akwa Ibom/Uyo), Frontline MFB (Anambra), Zafec MFB (Kaduna), Supreme MFB (Lagos), Bejin-Doko MFB (Niger), Kanopoly MFB (Kano), Bellbank MFB (formerly Tsanyawa MFB) – Kano, Yeneng MFB (Plateau), Creditville MFB (Lagos), MBAG MFB (Lagos), Straight Sahara MFB (Benue), OurPass MFB (Ondo), Verdant MFB (Lagos), Basawa MFB (Kaduna), Casha MFB (Abuja), Esteem MFB (Kano), Entrepreneur MFB (Lagos), and Avantus MFB (Osun).
