The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing failure to meet regulatory requirements for continued operation.
In a statement on Wednesday, Hakama Sidi Ali, acting director of corporate communications, 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, and was approved by CBN Governor Olayemi Cardoso.
Why the licences were revoked
The CBN cited multiple grounds for the action.
“According to the revocation order, the action became necessary because of one or more of the following circumstances: insufficient assets to meet liabilities, closure of operations without 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 apex bank said.
The regulator added that the move is part of broader efforts to maintain confidence in Nigeria’s financial sector.
“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 46 affected microfinance banks
The revoked licences span institutions across multiple states, with Kano accounting for the largest share of affected lenders:
- Minji-Se Churchill MFB (tier 1) — Rivers
- Merchant MFB (tier 2) — Abia
- Janmaa MFB (tier 1) — Kwara
- Busu MFB (tier 2) — Niger
- Gold MFB (tier 1) — Lagos
- Zain MFB, formerly Dawakin Tofa MFB (tier 2) — Kano
- Bompai MFB (tier 1) — Kano
- Ajwa MFB (tier 2) — Kano
- Now Now Digital MFB (tier 2) — Kano
- Crystabel MFB (tier 1) — Bayelsa
- Chanelle MFB (state-based) — Lagos
- Abia SME MFB (tier 1) — Abia
- Kamba MFB (tier 2) — Kebbi
- Iwade MFB (tier 2) — Ogun
- Winview MFB (tier 1) — Abuja
- Zuru MFB (tier 2) — Kebbi
- Minjibir MFB (tier 1) — Kano
- Shanono MFB (tier 2) — Kano
- Sumaila MFB (tier 2) — Kano
- Rimin Gado MFB (tier 2) — Kano
- Mwaghavul MFB (state-based) — Plateau
- Sycamore MFB (tier 2) — Kano
- TOFA MFB (tier 2) — Kano
- Safegate MFB (tier 1) — Lagos
- Creekline MFB (tier 2) — Delta
- Bestar MFB (tier 1) — Oyo
- Livingspring MFB (tier 1) — Cross River
- Apple MFB (tier 2) — Ogun
- Stanford MFB (state-based) — Uyo
- Frontline MFB (tier 2) — Anambra
- Zafec MFB (tier 2) — Kaduna
- Supreme MFB (tier 1) — Lagos
- Bejin-Doko MFB (tier 2) — Niger
- Kanopoly MFB (tier 1) — Kano
- Bellbank MFB, formerly Tsanyawa (tier 2) — Kano
- Yeneng MFB (tier 2) — Plateau
- Creditville MFB (tier 1) — Lagos
- MBAG MFB (tier 1) — Lagos
- Straight Sahara MFB (tier 1) — Benue
- Our Pass MFB (tier 2) — Ondo
- VERDANT MFB (tier 1) — Lagos
- Basawa MFB (tier 2) — Kaduna
- Casha MFB (tier 2) — Abuja
- Esteem MFB (tier 2) — Kano
- Enterpreneur MFB (tier 1) — Lagos
- Avantus MFB (tier 2) — Osun
Context
The revocations follow the CBN’s March 2024 decision to increase minimum capital requirements for banks, with a compliance deadline of March 31, 2026. On March 6, 2026, the regulator confirmed that 30 banks had met the new thresholds a process that ran in parallel with its cleanup of non-compliant microfinance lenders.
The CBN said it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary.
