By Crystal Ugoeze
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, effective July 1, 2026, over their failure to meet regulatory requirements.
The apex bank announced the decision in a statement issued on Wednesday by its Director of Corporate Communications, Hakama Sidi Ali.
According to the CBN, the revocation was approved by its Governor, Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act 2020.
The bank said the affected institutions lost their licences after failing to satisfy the conditions required for continued operation as licensed financial institutions.
It listed the reasons for the action to include insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital required for operation.
The CBN said the measure forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors, and ensure strict compliance with banking laws and regulatory standards.
The apex bank reaffirmed its commitment to maintaining a safe, sound, and resilient financial sector, adding that it would continue to take appropriate supervisory and regulatory actions whenever necessary to sustain public confidence in the country’s financial system.
Below is the full list of affected banks:
• Minji-Se Churchill MFB
• Merchant MFB
• Janmaa MFB
• Busu MFB
• Gold MFB
• Zain MFB
• Bompai MFB
• Ajwa MFB
• NOW NOW Digital MFB
• Crystabel Microfinance Bank
• Chanelle MFB
• Abia SME MFB
• Kamba MFB
• Iwade MFB
• Winview MFB
• Zuru MFB
• Minjibir MFB
• Shanono MFB
• Sumaila MFB
• Rimin Gado MFB
• Mwaghavul MFB
• Sycamore MFB
• TOFA MFB
• Safegate MFB
• Creekline MFB
• Bestar MFB
• Livingspring MFB
• Apple MFB
• Stanford MFB
• Frontline MFB
• Zafec MFB
• Supreme MFB
• Bejin-Doko MFB
• Kanopoly MFB
• Bellbank MFB
• Yeneng MFB
• Creditville MFB
• MBAG MFB
• Straight Sahara MFB
• OurPass MFB
• Verdant MFB
• Basawa MFB
• Casha MFB
• Esteem MFB
• Entrepreneur MFB
• Avantus MFB