The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks effective July 1, 2026, citing failure to meet regulatory requirements under BOFIA 2020.
ABUJA, FCT – July 1, 2026
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, effective July 1, 2026, over their failure to meet regulatory requirements for continued operation.
In a press statement signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank said the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and approved by CBN Governor Olayemi Cardoso.
According to the CBN, the affected institutions failed to satisfy one or more regulatory conditions, including inadequate assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence operations within 12 months of licence approval, and inability to maintain the required minimum capital.
List of affected microfinance banks
The 46 affected institutions are:
1. Minji-Se Churchill MFB (Rivers)
2. Merchant MFB (Abia)
3. Janmaa MFB (Kwara)
4. Busu MFB (Niger)
5. Gold MFB (Lagos)
6. Zain MFB (formerly Dawakin Tofa MFB) – Kano
7. Bompai MFB (Kano)
8. Ajwa MFB (formerly Gezawa MFB) – Kano
9. NOW NOW Digital MFB (Kano)
10. Crystabel Microfinance Bank (Bayelsa)
11. Chanelle MFB (Lagos)
12. Abia SME MFB (Abia)
13. Kamba MFB (Kebbi)
14. Iwade MFB (Ogun)
15. Winview MFB (FCT Abuja)
16. Zuru MFB (Kebbi)
17. Minjibir MFB (Kano)
18. Shanono MFB (Kano)
19. Sumaila MFB (Kano)
20. Rimin Gado MFB (Kano)
21. Mwaghavul MFB (Plateau)
22. Sycamore MFB (Kano)
23. TOFA MFB (Kano)
24. Safegate MFB (Lagos)
25. Creekline MFB (Delta)
26. Bestar MFB (Oyo)
27. Livingspring MFB (Cross River)
28. Apple MFB (Ogun)
29. Stanford MFB (Akwa Ibom/Uyo)
30. Frontline MFB (Anambra)
31. Zafec MFB (Kaduna)
32. Supreme MFB (Lagos)
33. Bejin-Doko MFB (Niger)
34. Kanopoly MFB (Kano)
35. Bellbank MFB (formerly Tsanyawa MFB) – Kano
36. Yeneng MFB (Plateau)
37. Creditville MFB (Lagos)
38. MBAG MFB (Lagos)
39. Straight Sahara MFB (Benue)
40. Ourpass MFB (Ondo)
41. Verdant MFB (Lagos)
42. Basawa MFB (Kaduna)
43. Casha MFB (FCT Abuja)
44. Esteem MFB (Kano)
45. Entrepreneur MFB (Lagos)
46. Avantus MFB (Osun)
Why the licences were revoked
The CBN said the revocation became necessary because the affected banks were found to have breached one or more regulatory requirements. These include:
1. Insufficient assets to meet liabilities.
2. Closure of operations without CBN approval.
3. Inactivity and cessation of financial intermediation.
4. Failure to commence operations within 12 months of licence approval.
Failure to maintain the statutory minimum capital.
The apex bank said the exercise forms part of its ongoing efforts to strengthen Nigeria's financial system, protect depositors, and ensure that only financially sound institutions remain licensed.
What this means for customers
Customers of the affected microfinance banks may experience disruptions in banking services, including deposits, withdrawals, transfers, and loan transactions.
Financial experts advise affected customers to:
• Confirm whether their bank is on the revocation list.
• Keep all account records, receipts, and transaction statements.
Monitor official communications from the CBN and the Nigeria Deposit Insurance Corporation (NDIC) regarding the recovery of insured deposits and liquidation procedures where applicable.
Avoid relying on unofficial social media reports and seek information only from regulatory authorities.
The CBN noted that the regulatory action is intended to safeguard the stability of Nigeria's financial sector and maintain public confidence in the banking system.
More on Business & Economy