The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, effective July 1, 2026 .
The apex bank, in a statement signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali, said the action was approved by Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020 .
According to the CBN, the licences were withdrawn due to one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without the CBN’s approval, prolonged inactivity, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital requirements .
The affected institutions include banks across Tier 1, Tier 2 and State categories, spread across states including Lagos, Kano, Rivers, Abia, Kwara, Niger, Ogun, and the Federal Capital Territory .
Among the notable names on the list are Gold MFB (Lagos), Creditville MFB (Lagos), NOW NOW Digital MFB (Kano), Crystabel Microfinance Bank (Bayelsa), Livingspring MFB (Cross River), and Abia SME MFB (Abia) .
The CBN said the revocation is part of its ongoing efforts to safeguard financial sector stability, protect depositors, and ensure compliance with regulatory standards .
List of Revoked Microfinance 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
