The Central Bank of Nigeria (CBN) has taken a sweeping regulatory action, revoking the operating licences of forty-six microfinance banks across the country, citing serious breaches of operational and prudential requirements.
The decision, which takes immediate effect from July 1, 2026, was confirmed in an official statement signed by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
In the statement, the CBN explained that the action was carried out under its statutory powers.
“The Central Bank of Nigeria (CBN) has revoked the operating licences of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement said.
The regulatory move followed approval by the Governor of the CBN, Olayemi Cardoso, after a review determined that the affected institutions failed to meet basic conditions required to continue operating as licensed financial entities.
According to the apex bank, the decision was necessitated by a range of infractions that raised concerns about financial safety, operational viability, and compliance with regulatory standards.
“According to the revocation order, the action became necessary because of one or more of the circumstances listed below: i. Insufficient assets to meet liabilities; ii. Closure of operations without the CBN’s approval; iii. Inactivity and cessation of financial intermediation; iv. Failure to commence operations within 12 months of licence approval; and v. Failure to maintain minimum capital funds unimpaired by losses,” the bank stated.
The CBN further stressed that the action is part of its broader mandate to maintain stability within the financial system, protect depositors, and ensure that all licensed institutions operate within approved legal and regulatory frameworks.
It added that it remains committed to strengthening confidence in Nigeria’s financial ecosystem through continuous supervision and enforcement.
“The Central Bank of Nigeria remains committed to promoting a safe, sound, and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system,” the statement added.
The revocation affects microfinance banks spread across multiple states, including Lagos, Kano, Kaduna, Ogun, Abia, Rivers, Delta, Plateau, Benue, Osun, Ondo, Bayelsa, Cross River, Niger, Kebbi, Kwara, and the Federal Capital Territory.
Among the affected institutions are both Tier 1 and Tier 2 microfinance banks, as well as state-based operators. Some of the banks listed include Gold MFB in Lagos, Abia SME MFB in Abia, Creditville MFB in Lagos, and CASHA MFB in Abuja, alongside several others operating in different parts of the country.
The full list released by the CBN contains the names of all forty-six affected institutions, underscoring the scale of the regulatory cleanup aimed at addressing inactivity, capital inadequacy, and operational failures within the microfinance subsector.
Industry observers say the move signals a renewed tightening of oversight in Nigeria’s financial services sector, particularly among smaller institutions that have struggled with capitalization and compliance in recent years.
Below is the full breakdown of the affected institutions.
| S/NO | MFB NAME | CATEGORY | STATE |
|---|---|---|---|
| 1 | Minji-Se Churchill MFB | Tier 1 | Rivers |
| 2 | Merchant MFB | Tier 2 | Abia |
| 3 | Janmaa MFB | Tier 1 | Kwara |
| 4 | Busu MFB | Tier 2 | Niger |
| 5 | Gold MFB | Tier 1 | Lagos |
| 6 | Zain MFB (formerly Dawakin Tofa MFB) | Tier 2 | Kano |
| 7 | Bompai MFB | Tier 1 | Kano |
| 8 | Ajwa MFB (Formerly Gezawa) | Tier 2 | Kano |
| 9 | NOW NOW DIGITAL MFB | Tier 2 | Kano |
| 10 | Crystabel Microfinance Bank | Tier 1 | Bayelsa |
| 11 | Chanelle MFB | State | Lagos |
| 12 | Abia SME MFB | Tier 1 | Abia |
| 13 | Kamba MFB | Tier 2 | Kebbi |
| 14 | Iwade MFB | Tier 2 | Ogun |
| 15 | Winview MFB | Tier 1 | Abuja |
| 16 | Zuru MFB | Tier 2 | Kebbi |
| 17 | Minjibir MFB | Tier 1 | Kano |
| 18 | Shanono MFB | Tier 2 | Kano |
| 19 | Sumaila MFB | Tier 2 | Kano |
| 20 | Rimin Gado MFB | Tier 2 | Kano |
| 21 | Mwaghavul MFB | State | Plateau |
| 22 | Sycamore MFB | Tier 2 | Kano |
| 23 | TOFA MFB | Tier 2 | Kano |
| 24 | Safegate MFB | Tier 1 | Lagos |
| 25 | Creekline MFB | Tier 2 | Delta |
| 26 | Bestar MFB | Tier 1 | Oyo |
| 27 | Livingspring MFB | Tier 1 | Cross River |
| 28 | Apple MFB | Tier 2 | Ogun |
| 29 | Stanford MFB | State | Uyo (Akwa Ibom) |
| 30 | Frontline MFB | Tier 2 | Anambra |
| 31 | Zafec MFB | Tier 2 | Kaduna |
| 32 | Supreme MFB | Tier 1 | Lagos |
| 33 | Bejin-Doko MFB | Tier 2 | Niger |
| 34 | Kanopoly MFB | Tier 1 | Kano |
| 35 | Bellbank MFB (formerly Tsanyawa) | Tier 2 | Kano |
| 36 | Yeneng MFB | Tier 2 | Plateau |
| 37 | Creditville MFB | Tier 1 | Lagos |
| 38 | MBAG MFB | Tier 1 | Lagos |
| 39 | STRAIGHT SAHARA MFB | Tier 1 | Benue |
| 40 | OURPASS MFB | Tier 2 | Ondo |
| 41 | VERDANT MFB | Tier 1 | Lagos |
| 42 | BASAWA MFB | Tier 2 | Kaduna |
| 43 | CASHA MFB | Tier 2 | Abuja |
| 44 | ESTEEM MFB | Tier 2 | Kano |
| 45 | ENTERPRENEUR MFB | Tier 1 | Lagos |
| 46 | AVANTUS MFB | Tier 2 | Osun |