CBN revokes licences of 46 microfinance banks ( see list below)

The Central Bank of Nigeria (CBN) on Wednesday announced the revocation of the operating licences of forty-six microfinance banks.Nigeria Breaking News

According to a statement signed by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the move takes immediate effect.

“The Central Bank of Nigeria (CBN) has revoked the operating licences 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,” the statement published on the CBN’s website read in part.Breaking News Alert

CBN Governor Olayemi Cardoso approved the revocation following the banks’ failure to meet regulatory requirements for continued operation as licensed financial institutions.Northern Nigeria News

“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’s 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 bank said.Nigeria Breaking News

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The revocation of the licences is part of the CBN’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 bank added.

CBN Licence Revocation: See Full List Of Affected Microfinance Banks

Below is a full list of the microfinance banks with their operating licences revoked:

S/NO MFB NAME CATEGORY STATE

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 (formerly Dawakin Tofa MFB) Tier 2 KanoKano local news

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 Tier 2 Delta

26 Bestar MFB Tier 1 Oyo

27 Livingspring MFB Tier 1 Cross River

28 Apple MFB Tier 2 Ogun

29 Stanford MFB State Uyo (Akwa Ibom)

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 KanoKano local news

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 Osun