By Abiodun Folarin
WorldStage– The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country for failing to meet regulatory requirements for continued operations.
The apex bank announced that the revocation takes effect from July 1, 2026, following the approval of the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso.
According to a statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN explained that the affected institutions failed to satisfy one or more of the conditions required to retain their licences, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence operations within 12 months of receiving licences, and inability to maintain the prescribed minimum capital.
The apex bank said the exercise forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors and ensure strict compliance with banking laws and prudential regulations.
It reiterated its commitment to maintaining a safe, sound and resilient financial system through sustained supervisory and regulatory actions.
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).
Others include: “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) and Avantus MFB (Osun).”
