The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026.
CBN said the banks failed to meet regulatory requirements for continued operation.
It announced the decision in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
It stated that the revocation was approved by the CBN Governor, Olayemi Cardoso, under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the action became necessary because the affected institutions had failed to comply with one or more regulatory requirements.
The offences against the banks CBN hinted at included insufficient assets to meet liabilities, closure of operations without CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
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The apex bank said the revocation forms part of its efforts to strengthen the financial system and protect depositors.
“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 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,” CBN stated.
List of the 46 affected microfinance banks
- Minji-Se Churchill Microfinance Bank (Rivers)
- Merchant Microfinance Bank (Abia)
- Janmaa Microfinance Bank (Kwara)
- Busu Microfinance Bank (Niger)
- Gold Microfinance Bank (Lagos)
- Zain Microfinance Bank (formerly Dawakin Tofa Microfinance Bank) (Kano)
- Bompai Microfinance Bank (Kano)
- Ajwa Microfinance Bank (formerly Gezawa Microfinance Bank) (Kano)
- NOW NOW Digital Microfinance Bank (Kano)
- Crystabel Microfinance Bank (Bayelsa)
- Chanelle Microfinance Bank (Lagos)
- Abia SME Microfinance Bank (Abia)
- Kamba Microfinance Bank (Kebbi)
- Iwade Microfinance Bank (Ogun)
- Winview Microfinance Bank (FCT, Abuja)
- Zuru Microfinance Bank (Kebbi)
- Minjibir Microfinance Bank (Kano)
- Shanono Microfinance Bank (Kano)
- Sumaila Microfinance Bank (Kano)
- Rimin Gado Microfinance Bank (Kano)
- Mwaghavul Microfinance Bank (Plateau)
- Sycamore Microfinance Bank (Kano)
- TOFA Microfinance Bank (Kano)
- Safegate Microfinance Bank (Lagos)
- Creekline Microfinance Bank (Delta)
- Bestar Microfinance Bank (Oyo)
- Livingspring Microfinance Bank (Cross River)
- Apple Microfinance Bank (Ogun)
- Stanford Microfinance Bank (Akwa Ibom/Uyo)
- Frontline Microfinance Bank (Anambra)
- Zafec Microfinance Bank (Kaduna)
- Supreme Microfinance Bank (Lagos)
- Bejin-Doko Microfinance Bank (Niger)
- Kanopoly Microfinance Bank (Kano)
- Bellbank Microfinance Bank (formerly Tsanyawa Microfinance Bank) (Kano)
- Yeneng Microfinance Bank (Plateau)
- Creditville Microfinance Bank (Lagos)
- MBAG Microfinance Bank (Lagos)
- Straight Sahara Microfinance Bank (Benue)
- OurPass Microfinance Bank (Ondo)
- Verdant Microfinance Bank (Lagos)
- Basawa Microfinance Bank (Kaduna)
- CASHA Microfinance Bank (FCT, Abuja)
- Esteem Microfinance Bank (Kano)
- Entrepreneur Microfinance Bank (Lagos)
- Avantus Microfinance Bank (Osun)
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X