The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country over multiple regulatory infractions, including inadequate capital, prolonged inactivity and failure to comply with banking regulations.
The apex bank said the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
In a statement issued by the Acting Director of the Corporate Communications Department, Hakama Sidi-Ali, the CBN said the affected institutions no longer met the regulatory requirements for continued operation as licensed financial institutions.
According to the statement, the action followed the failure of the banks to satisfy key prudential and operational standards required by law.
The CBN listed the reasons for the revocation to include insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the minimum capital requirement unimpaired by losses.
The apex bank said the move forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors and ensure that licensed financial institutions comply with existing laws and regulatory standards.
It reiterated its commitment to maintaining a safe, sound and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory actions whenever necessary to sustain public confidence in the banking sector.
Among the affected institutions are Minji-Se Churchill Microfinance Bank in Rivers State, Merchant Microfinance Bank in Abia State, Janmaa Microfinance Bank in Kwara State, Busu Microfinance Bank in Niger State, Gold Microfinance Bank in Lagos State, Zain Microfinance Bank in Kano State, Bompai Microfinance Bank in Kano State, Ajwa Microfinance Bank in Kano State, NOW NOW Digital Microfinance Bank in Kano State, Crystabel Microfinance Bank in Bayelsa State, Chanelle Microfinance Bank in Lagos State and Abia SME Microfinance Bank in Abia State.
Others include Kamba Microfinance Bank in Kebbi State, Iwade Microfinance Bank in Ogun State, Winview Microfinance Bank in the Federal Capital Territory, Zuru Microfinance Bank in Kebbi State, Minjibir, Shanono, Sumaila and Rimin Gado Microfinance Banks in Kano State, Mwaghavul Microfinance Bank in Plateau State, Sycamore Microfinance Bank, Tofa Microfinance Bank and Kanopoly Microfinance Bank in Kano State, Safegate Microfinance Bank in Lagos State, Creekline Microfinance Bank in Delta State, Bestar Microfinance Bank in Oyo State and Livingspring Microfinance Bank in Cross River State.
The list also includes Apple Microfinance Bank in Ogun State, Stanford Microfinance Bank in Akwa Ibom State, Frontline Microfinance Bank in Anambra State, Zafec Microfinance Bank in Kaduna State, Supreme Microfinance Bank in Lagos State, Bejin-Doko Microfinance Bank in Niger State, Bellbank Microfinance Bank in Kano State, Yeneng Microfinance Bank in Plateau State, Creditville Microfinance Bank and MBAG Microfinance Bank in Lagos State.
Also affected are Straight Sahara Microfinance Bank in Benue State, OurPass Microfinance Bank in Ondo State, Verdant Microfinance Bank in Lagos State, Basawa Microfinance Bank in Kaduna State, Casha Microfinance Bank in the Federal Capital Territory, Esteem Microfinance Bank in Kano State, Entrepreneur Microfinance Bank in Lagos State and Avantus Microfinance Bank in Osun State.
The CBN said the regulatory action underscores its resolve to sanitise the financial sector and ensure that only institutions that meet prescribed standards continue to operate in Nigeria’s banking industry.
