Nigeria’s Central Bank has revoked the operating licenses of 46 microfinance banks, intensifying regulatory oversight of the country’s financial sector as authorities seek to strengthen banking stability and protect depositors.
The decision, which took effect on July 1, 2026, was approved by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the affected institutions failed to satisfy key regulatory requirements necessary to retain their operating licenses.
The regulator cited several reasons for the revocations, including:
- Insufficient assets to meet liabilities;
- Closure of operations without prior CBN approval;
- Prolonged inactivity and cessation of financial intermediation;
- Failure to commence operations within 12 months of receiving a banking licence; and
- Failure to maintain the minimum capital requirements after accounting for losses.
The CBN said the enforcement action forms part of its broader strategy to safeguard the stability of Nigeria’s financial system, strengthen regulatory compliance, and protect depositors from risks associated with weak or non-operational financial institutions.
Microfinance banks play a critical role in expanding financial inclusion by providing banking services, credit and savings products to low-income households, small businesses and underserved communities across Nigeria.
The latest revocations underscore the regulator’s continued efforts to ensure that only financially sound and operational institutions remain licensed to operate.
The CBN reaffirmed its commitment to maintaining a safe, resilient and well-regulated financial system, adding that it will continue to take supervisory and enforcement actions where necessary to preserve public confidence in Nigeria’s banking sector.
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S/NO MFB 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 (foremerly 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 Delta Tier 2
26 Bestar MFB Tier 1 Oyo
27 Livingspring MFB Tier 1 Cross River
28 Apple MFB Tier 2 Ogun
29 Stanford MFB State Uyo
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 Tiern2 Kaduna
43 CASHA MFB Tiern2 Abuja
44 ESTEEM MFB Tier 2 Kano
45 ENTERPRENEUR MFB Tier 1 Lagos
46 AVANTUS MFB Tier 2 Osun