CBN Revokes Licences of 46 Microfinance Banks (FULL LIST)

CBN Revokes Licences of 46 Microfinance Banks (FULL LIST)

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country, citing insolvency, regulatory breaches and failure to comply with prudential guidelines.

The apex bank announced that the licence revocations take effect from July 1, 2026, following the approval of CBN Governor Olayemi Cardoso, describing the move as part of ongoing efforts to strengthen Nigeria’s financial sector, protect depositors and ensure that licensed institutions operate in line with existing laws.

The decision was disclosed in a statement issued on Wednesday by the Acting Director of the Corporate Communications Department, Hakama Sidi-Ali.

According to the CBN, the action was taken under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empower the regulator to revoke the licences of financial institutions that fail to meet statutory and regulatory requirements.

The apex bank explained that the affected institutions committed one or more serious regulatory infractions uncovered during routine supervisory examinations and ongoing regulatory oversight.

Among the reasons cited for the licence withdrawals were insufficient assets to meet liabilities, meaning some of the banks had become financially insolvent and were no longer able to fulfil their obligations to customers and creditors.

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The CBN also revealed that several of the affected institutions had stopped carrying out banking activities without obtaining the required regulatory approval, while others had remained inactive for prolonged periods and no longer performed their primary role of providing financial intermediation.

In addition, some of the microfinance banks failed to commence operations within 12 months after receiving their operating licences, contrary to the regulatory conditions governing the sector.

The regulator further stated that a number of the institutions failed to maintain the minimum capital requirements prescribed for licensed microfinance banks, with accumulated losses significantly eroding their shareholders’ funds and rendering them incapable of operating safely.

According to the CBN, the decision aligns with its revised regulatory and supervisory framework for microfinance banks, which permits licence revocation where institutions become insolvent, abandon operations, fail to comply with prudential standards or repeatedly violate regulatory directives.

“The revocation of the licences 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 read.

The Central Bank of Nigeria reiterated its commitment to maintaining a safe, resilient and transparent financial system through effective supervision, early regulatory intervention and strict enforcement of banking regulations.

It stressed that institutions that fail to meet prescribed operational and financial standards would continue to face appropriate supervisory and enforcement actions aimed at sustaining public confidence in Nigeria’s banking industry.

The latest development reflects the intensified regulatory reforms introduced under Governor Cardoso’s administration, which has focused on improving corporate governance, strengthening risk management, enhancing regulatory compliance and restoring confidence across the country’s financial system.

Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) is expected to commence the liquidation process for the affected banks in accordance with the law. The corporation will oversee the payment of insured deposits to eligible customers, recover assets where necessary and ensure an orderly resolution process for the failed institutions.

Full List of the 46 Microfinance Banks Whose Licences Were Revoked by the CBN

The affected institutions are:

1. Minji-Se Churchill Microfinance Bank – Rivers State (Tier 1)
2. Merchant Microfinance Bank – Abia State (Tier 2)
3. Janmaa Microfinance Bank – Kwara State (Tier 1)
4. Busu Microfinance Bank – Niger State (Tier 2)
5. Gold Microfinance Bank – Lagos State (Tier 1)
6. Zain Microfinance Bank (formerly Dawakin Tofa MFB) – Kano State (Tier 2)
7. Bompai Microfinance Bank – Kano State (Tier 1)
8. Ajwa Microfinance Bank – Kano State (Tier 2)
9. Now Now Digital Microfinance Bank – Kano State (Tier 2)
10. Crystabel Microfinance Bank – Bayelsa State (Tier 1)
11. Chanelle Microfinance Bank – Lagos State (State-based)
12. Abia SME Microfinance Bank – Abia State (Tier 1)
13. Kamba Microfinance Bank – Kebbi State (Tier 2)
14. Iwade Microfinance Bank – Ogun State (Tier 2)
15. Winview Microfinance Bank – Abuja (Tier 1)
16. Zuru Microfinance Bank – Kebbi State (Tier 2)
17. Minjibir Microfinance Bank – Kano State (Tier 1)
18. Shanono Microfinance Bank – Kano State (Tier 2)
19. Sumaila Microfinance Bank – Kano State (Tier 2)
20. Rimin Gado Microfinance Bank – Kano State (Tier 2)
21. Mwaghavul Microfinance Bank – Plateau State (State-based)
22. Sycamore Microfinance Bank – Kano State (Tier 2)
23. TOFA Microfinance Bank – Kano State (Tier 2)
24. Safegate Microfinance Bank – Lagos State (Tier 1)
25. Creekline Microfinance Bank – Delta State (Tier 2)
26. Bestar Microfinance Bank – Oyo State (Tier 1)
27. Livingspring Microfinance Bank – Cross River State (Tier 1)
28. Apple Microfinance Bank – Ogun State (Tier 2)
29. Stanford Microfinance Bank – Uyo, Akwa Ibom State (State-based)
30. Frontline Microfinance Bank – Anambra State (Tier 2)
31. Zafec Microfinance Bank – Kaduna State (Tier 2)
32. Supreme Microfinance Bank – Lagos State (Tier 1)
33. Bejin-Doko Microfinance Bank – Niger State (Tier 2)
34. Kanopoly Microfinance Bank – Kano State (Tier 1)
35. Bellbank Microfinance Bank (formerly Tsanyawa MFB) – Kano State (Tier 2)
36. Yeneng Microfinance Bank – Plateau State (Tier 2)
37. Creditville Microfinance Bank – Lagos State (Tier 1)
38. MBAG Microfinance Bank – Lagos State (Tier 1)
39. Straight Sahara Microfinance Bank – Benue State (Tier 1)
40. Our Pass Microfinance Bank – Ondo State (Tier 2)
41. Verdant Microfinance Bank – Lagos State (Tier 1)
42. Basawa Microfinance Bank – Kaduna State (Tier 2)
43. Casha Microfinance Bank – Abuja (Tier 2)
44. Esteem Microfinance Bank – Kano State (Tier 2)
45. Enterpreneur Microfinance Bank – Lagos State (Tier 1)
46. Avantus Microfinance Bank – Osun State (Tier 2)

Industry experts say the latest action demonstrates the CBN’s resolve to enforce prudential standards and ensure that only financially healthy and well-governed institutions remain licensed to operate in Nigeria. Customers of the affected banks are advised to monitor further announcements from the CBN and the NDIC regarding the liquidation process and the payment of insured deposits.

CBN Revokes Licences of 46 Microfinance Banks (FULL LIST)