The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026.
According to the CBN Governor, Yemi Cardoso, the action followed the banks’ failure to meet regulatory requirements under the Banks and Other Financial Institutions Act (BOFIA).
The affected institutions were found to have insufficient assets to meet their liabilities, ceased operations without approval, remained inactive, failed to commence operations within the stipulated timeframe, or were unable to maintain the minimum capital requirement.
List of Revoked Microfinance Banks:
- Minji-Se Churchill MFB
- Merchant MFB
- Janmaa MFB
- Busu MFB
- Gold MFB
- Zain MFB (formerly Dawakin Tofa MFB)
- Bompai MFB
- Ajwa MFB (Formerly Gezawa)
- 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 (formerly Tsanyawa)
- Yeneng MFB
- Creditville MFB
- MBAG MFB
- STRAIGHT SAHARA MFB
- OURPASS MFB
- VERDANT MFB
- BASAWA MFB
- CASHA MFB
- ESTEEM MFB
- ENTREPRENEUR MFB
- AVANTUS MFB
The apex bank said the move is aimed at safeguarding the stability of the financial sector, protecting depositors, and strengthening confidence in Nigeria’s banking system.
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