The Central Bank of Nigeria (CBN) has officially revoked the operating licences of 46 Microfinance Banks (MFBs) across the country, effective July 1, 2026.
The directive was approved by CBN Governor, Olayemi Cardoso, under the powers conferred by Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
CBN Acting Director of Corporate Communications, Hakama Sidi-Ali, said in a press statement on Wednesday that
the apex bank took the enforcement step to safeguard financial stability and protect depositor funds.
Reasons for the revocation, according to the CBN, include having insufficient assets to cover outstanding liabilities and depositor claims;
Shutting down operations and branches without obtaining prior CBN clearance; Halting core financial services and financial intermediation entirely;
Neglecting to start banking business within 12 months of initially receiving their operating licence and failing to maintain the legally mandated minimum capital requirements due to unmitigated operational losses.
The affected microfinance institutions are:
1. Minji-Se Churchill MFB (tier 1) in Rivers
2. Merchant MFB (tier 2) in Abia
3) Janmaa MFB (tier 1) in Kwara
4. Busu MFB (tier 2) in Niger
5. Gold MFB (tier 1) in Lagos
6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano
7. Bompai MFB (tier 1) in Kano
8. Ajwa MFB (tier 2) in Kano
9. Now Now Digital MFB (tier 2) in Kano
10. Crystabel Microfinance Bank (tier 1) in Bayelsa
11. Chanelle MFB (state-based) in Lagos
12. Abia SME MFB (tier 1) in Abia
13. Kamba MFB (tier 2) in Kebbi
14. Iwade MFB (tier 2) in Ogun
15. Winview MFB (tier 1) in Abuja
16. Zuru MFB (tier 2) in Kebbi
17. Minjibir MFB (tier 1) in Kano
18. Shanono MFB (tier 2) in Kano
19. Sumaila MFB (tier 2) in Kano
20. Rimin Gado MFB (tier 2) in Kano
21. Mwaghavul MFB (state-based) in Plateau
22. Sycamore MFB (tier 2) Kano
23. TOFA MFB (tier 2) in Kano
24. Safegate MFB (tier 1) in Lagos
25. Creekline MFB (tier 2) in Delta
26. Bestar MFB (tier 1) in Oyo
27. Livingspring MFB (tier 1) in Cross River
28. Apple MFB (tier 2) in Ogun
29. Stanford MFB (state-based) in Uyo
30. Frontline MFB (tier 2) in Anambra
31. Zafec MFB (tier 2) in Kaduna
32. Supreme MFB (tier 1) in Lagos
33. Bejin-Doko MFB (tier 2) in Niger
34. Kanopoly MFB (tier 1) in Kano
35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano
36. Yeneng MFB (tier 2) in Plateau
37. Creditville MFB (tier 1) in Lagos
38. MBAG MFB (tier 1) in Lagos
39. Straight Sahara MFB (tier 1) in Benue
40. Our Pass MFB (tier 2) in Ondo
41. VERDANT MFB (tier 1) in Lagos
42. Basawa MFB (tier 2) in Kaduna
43. Casha MFB (tier 2) in Abuja
44. Esteem MFB (tier 2) in Kano
45. Enterpreneur MFB (tier 1) in Lagos
46. Avantus MFB (tier 2) in Osun