The Central Bank of Nigeria, CBN, has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026.
In a statement on Tuesday, the apex bank said the action was taken after the institutions failed to comply with regulatory requirements under the Banks and Other Financial Institutions Act.
According to the CBN, the affected banks were found to have:
– Insufficient assets to meet liabilities
– Closed operations without regulatory approval
– Remained inactive or failed to commence operations within the stipulated timeframe
– Been unable to maintain the required minimum capital
The CBN said the revocation is aimed at safeguarding the stability of Nigeria’s financial sector, protecting depositors, and strengthening public confidence in the banking system.
Customers of the affected microfinance banks are advised to contact the Nigeria Deposit Insurance Corporation, NDIC, for guidance on insured deposits.
The affected microfinance banks are:
Minji-Se Churchill MFB (Rivers)
Merchant MFB (Abia)
Janmaa MFB (Kwara)
Busu MFB (Niger)
Gold MFB (Lagos)
Zain MFB (formerly Dawakin Tofa MFB) – Kano
Bompai MFB (Kano)
Ajwa MFB (formerly Gezawa MFB) – Kano
NOW NOW Digital MFB (Kano)
Crystabel Microfinance Bank (Bayelsa)
Chanelle MFB (Lagos)
Abia SME MFB (Abia)
Kamba MFB (Kebbi)
Iwade MFB (Ogun)
Winview MFB (Abuja)
Zuru MFB (Kebbi)
Minjibir MFB (Kano)
Shanono MFB (Kano)
Sumaila MFB (Kano)
Rimin Gado MFB (Kano)
Mwaghavul MFB (Plateau)
Sycamore MFB (Kano)
Tofa MFB (Kano)
Safegate MFB (Lagos)
Creekline MFB (Delta)
Bestar MFB (Oyo)
Livingspring MFB (Cross River)
Apple MFB (Ogun)
Stanford MFB (Akwa Ibom/Uyo)
Frontline MFB (Anambra)
Zafec MFB (Kaduna)
Supreme MFB (Lagos)
Bejin-Doko MFB (Niger)
Kanopoly MFB (Kano)
Bellbank MFB (formerly Tsanyawa MFB) – Kano
Yeneng MFB (Plateau)
Creditville MFB (Lagos)
MBAG MFB (Lagos)
Straight Sahara MFB (Benue)
OurPass MFB (Ondo)
Verdant MFB (Lagos)
Basawa MFB (Kaduna)
Casha MFB (Abuja)
Esteem MFB (Kano)
Entrepreneur MFB (Lagos)
Avantus MFB (Osun).
