CBN Revokes Licenses of 46 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (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.

In a statement issued on Wednesday by the Acting Director Corporate Communications, Hakama Sidi-Ali(Mrs),the revocation was approved by the Governor of the Central Bank of Nigeria, Mr. 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 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 statement added

“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 concluded

The lists below:

1
Minji-Se Churchill MFB
Tier 1
Rivers
2
Merchant MFB
Tier 2
Abia
3
Janmaa MFB
Tier 1
Kwara
4
Busu MFB
Tier 2
Niger
5
Gold MFB
Tier 1
Lagos
6
Zain MFB (foremerly
Dawakin Tofa MFB)
Tier 2
Kano
7
Bompai MFB
Tier 1
Kano
8
Ajwa MFB (Formerly
Gezawa)
Tier 2
Kano
9
NOW NOW DIGITAL MFB
Tier 2
Kano
10
Crystabel Microfinance
Bank
Tier 1
Bayelsa
11
Chanelle MFB
State
Lagos
12
Abia SME MFB
Tier 1
Abia
13
Kamba MFB
Tier 2
Kebbi
14
Iwade MFB
Tier 2
Ogun
15
Winview MFB
Tier 1
Abuja
16
Zuru MFB
Tier 2
Kebbi
17
Minjibir MFB
Tier 1
Kano
18
Shanono MFB
Tier 2
Kano
19
Sumaila MFB
Tier 2
Kano
20
Rimin Gado MFB
Tier 2
Kano
21
Mwaghavul MFB
State
Plateau
22
Sycamore MFB
Tier 2
Kano
23
TOFA MFB
Tier 2
Kano
24
Safegate MFB
Tier 1
Lagos
25
Creekline MFB
Delta
Tier 2
26
Bestar MFB
Tier 1
Oyo
27
Livingspring MFB
Tier 1
Cross
River
28
Apple MFB
Tier 2
Ogun
29
Stanford MFB
State
Uyo
30
Frontline MFB
Tier 2
Anambra
31
Zafec MFB
Tier 2
Kaduna
32
Supreme MFB
Tier 1
Lagos
33
Bejin-Doko MFB
Tier 2
Niger

34
Kanopoly MFB
Tier 1
Kano
35
Bellbank MFB formerly
Tsanyawa
Tier 2
Kano
36
Yeneng MFB
Tier 2
Plateau
37
Creditville MFB
Tier 1
Lagos
38
MBAG MFB
Tier 1
Lagos
39
STRAIGHT SAHARA MFB
Tier 1
Benue
40
OURPASS MFB
Tier 2
Ondo
41
VERDANT MFB
Tier 1
Lagos
42
BASAWA MFB
Tier 2
Kaduna
43
CASHA MFB
Tier 2
Abuja
44
ESTEEM MFB
Tier 2
Kano
45
ENTERPRENEUR MFB
Tier 1
Lagos
46
AVANTUS MFB
Tier 2
O