Published 9 seconds ago
By Mathew Ojo
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing their failure to meet regulatory requirements for continued operation.
In a statement on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.
“According to the revocation order, the action became necessary because of one or more of the circumstances: 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,” CBN said.
“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 statement reads.
CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.
The affected microfinance banks are:
- Minji-Se Churchill MFB (tier 1) in Rivers
- Merchant MFB (tier 2) in Abia
- Janmaa MFB (tier 1) in Kwara
- Busu MFB (tier 2) in Niger
- Gold MFB (tier 1) in Lagos
- Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano
- Bompai MFB (tier 1) in Kano
- Ajwa MFB (tier 2) in Kano
- Now Now Digital MFB (tier 2) in Kano
- Crystabel Microfinance Bank (tier 1) in Bayelsa
- Chanelle MFB (state-based) in Lagos
- Abia SME MFB (tier 1) in Abia
- Now Now Digital MFB (tier 2) in Kano
- Crystabel Microfinance Bank (tier 1) in Bayelsa
- Chanelle MFB (state-based) in Lagos
- Abia SME MFB (tier 1) in Abia
- Kamba MFB (tier 2) in Kebbi
- Iwade MFB (tier 2) in Ogun
- Winview MFB (tier 1) in Abuja
- Zuru MFB (tier 2) in Kebbi
- Minjibir MFB (tier 1) in Kano
- Shanono MFB (tier 2) in Kano
- Sumaila MFB (tier 2) in Kano
- Rimin Gado MFB (tier 2) in Kano
- Mwaghavul MFB (state-based) in Plateau
- Sycamore MFB (tier 2) Kano
- TOFA MFB (tier 2) in Kano
- Safegate MFB (tier 1) in Lagos
- Creekline MFB (tier 2) in Delta
- Bestar MFB (tier 1) in Oyo
- Livingspring MFB (tier 1) in Cross River
- Apple MFB (tier 2) in Ogun
- Stanford MFB (state-based) in Uyo
- Frontline MFB (tier 2) in Anambra
- Zafec MFB (tier 2) in Kaduna
- Supreme MFB (tier 1) in Lagos
- Bejin-Doko MFB (tier 2) in Niger
- Kanopoly MFB (tier 1) in Kano
- Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano
- Yeneng MFB (tier 2) in Plateau
- Creditville MFB (tier 1) in Lagos
- MBAG MFB (tier 1) in Lagos
- Straight Sahara MFB (tier 1) in Benue
- Our Pass MFB (tier 2) in Ondo
- VERDANT MFB (tier 1) in Lagos
- Basawa MFB (tier 2) in Kaduna
- Casha MFB (tier 2) in Abuja
- Esteem MFB (tier 2) in Kano
- Enterpreneur MFB (tier 1) in Lagos
- Avantus MFB (tier 2) in Osun
In March 2024, CBN increased the capital base for banks, giving them until March 31, 2026, to meet the requirements.
On March 6, 2026, the financial regulator said 30 banks have met the minimum capital requirement.
PP