BY COBHAM NSA – The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MfBs) nationwide, effective July 1, 2026 over regulatory failures
Giving reasons for the action, the apex Bank listed the persistent regulatory infractions to include insufficient assets to meet liabilities, severe undercapitalization, and extended inactivity or unauthorized closure of operations as well as cessation of financial intermediation.
The affected MfBs were also found guilty of failing to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
Acting Director, Corporate Communications Department of the apex bank, Mrs Hakama Sidi-Ali, who announced the crack down in Abuja on Wednesday, said the action was in accordance with CBN’s powers under sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
She said that the drastic regulatory intervention, was approved by the Governor of the CBN, Mr Olayemi Cardoso, following the MfBs’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
The statement, which reaffirmed CBN’s commitment to always protect depositors and safeguard the stability of the Nigerian financial system, said: “The revocation of the licenses is part of 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 CBN remains committed to promoting a safe, sound and resilient financial system.
“It will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system.”
Below is the list of 46 affected banks:
1. Minji-Se Churchill MFB
2. Merchant MFB
3. Janmaa MFB
4. Busu MFB
5. Gold MFB
6. Zain MFB (formerly Dawakin Tofa MFB)
7. Bompai MFB
8. Ajwa MFB (Formerly Gezawa)
9. NOW NOW DIGITAL MFB
10. Crystabel Microfinance Bank
11. Chanelle MFB
12. Abia SME MFB
13. Kamba MFB
14. Iwade MFB
15. Winview MFB
16. Zuru MFB
17. Minjibir MFB
18. Shanono MFB
19. Sumaila MFB
20. Rimin Gado MFB
21. Mwaghavul MFB
22. Sycamore MFB
23. TOFA MFB
24. Safegate MFB
25. Creekline MFB
26. Bestar MFB
27. Livingspring MFB
28. Apple MFB
29. Stanford MFB
30. Frontline MFB
31. Zafec MFB
32. Supreme MFB
33. Bejin-Doko MFB
34. Kanopoly MFB
35. Bellbank MFB (formerly Tsanyawa)
36. Yeneng MFB
37. Creditville MFB
38. MBAG MFB
39. STRAIGHT SAHARA MFB
40. OURPASS MFB
41. VERDANT MFB
42. BASAWA MFB
43. CASHA MFB
44. ESTEEM MFB
45. ENTREPRENEUR MFB
46. AVANTUS MFB
