CBN Revokes Operating Licences Of 46 Microfinance Banks  (FULL LIST)

The Central Bank of Nigeria (CBN) on Wednesday announced the revocation of the operating licences of forty-six microfinance banks.

According to a statement signed by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the move takes immediate effect.

“The Central Bank of Nigeria (CBN) has revoked the operating licences 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 statement published on the CBN’s website read in part.

CBN Governor Olayemi Cardoso approved the revocation following the banks’ failure to meet regulatory requirements for continued operation as licensed financial institutions.

“According to the revocation order, the action became necessary because of one or more of the circumstances listed below: i. Insufficient assets to meet liabilities; ii. Closure of operations without the CBN’s approval; iii. Inactivity and cessation of financial intermediation; iv. Failure to commence operations within 12 months of licence approval; and v. Failure to maintain minimum capital funds unimpaired by losses,” the bank said.

The revocation of the licences is part of the 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 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,” the bank added.

CBN Licence Revocation: See Full List Of Affected Microfinance Banks

Below is a full list of the microfinance banks with their operating licences revoked:

S/NO	MFB NAME	CATEGORY	STATE
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 (formerly 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	Tier 2	Delta
26	Bestar MFB	Tier 1	Oyo
27	Livingspring MFB	Tier 1	Cross River
28	Apple MFB	Tier 2	Ogun
29	Stanford MFB	State	Uyo (Akwa Ibom)
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

 

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