The Central Bank of Nigeria (CBN) has revoked the operating licenses 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 revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
In a statement made available to VDCInsights and signed by Sidi-Ali, Hakama,Acting. Director, Corporate Communications Department,the apex bank said the revocation order became necessary because of one or more of the circumstances listed below:
- Insufficient assets to meet liabilities,
- Closure of operations without the 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.
The CBN stated that the “revocation of the licenses 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 concludes by assuring that 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.
Find below list of the MFBs whose licenses were revoked
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 (foremerly
Dawakin Tofa MFB) Tier 2 Kano
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 Delta Tier 2
26 Bestar MFB Tier 1 Oyo
27 Livingspring MFB Tier 1
Cross
River
28 Apple MFB Tier 2 Ogun
29 Stanford MFB State Uyo
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 Kano
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
