The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks, with the revocation taking effect from July 1, 2026.
The apex bank said the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following the approval of the CBN Governor, Mr. Olayemi Cardoso.
According to the CBN, the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.
The bank stated that the licences were revoked due to one or more of the following reasons:
i. “Insufficient assets to meet liabilities,”
ii. “Closure of operations without the CBN 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 CBN explained that the decision forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, safeguard depositors’ funds, and ensure that licensed financial institutions comply with existing laws and regulatory standards.
The apex bank reaffirmed its commitment to maintaining “a safe, sound and resilient financial system” and said it would continue to take appropriate supervisory and regulatory measures whenever necessary to sustain public confidence in Nigeria’s financial sector.
The affected institutions include Minji Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB, Bompai MFB, Ajwa MFB, Now Now Digital MFB, Crystabel Microfinance Bank, Chanelle MFB, Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, Tofa MFB, Safegate MFB, Creekline MFB, Bestar MFB, Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin Doko MFB, Kanopoly MFB, Bellbank MFB, Yeneng MFB, Creditville MFB, MBAG MFB, Straight Sahara MFB, OurPass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Entrepreneur MFB and Avantus MFB.
