CBN unveils 5 key regulatory infractions for revocation of licences of 46 Microfinance Banks (Full List)

*The Central Bank of Nigeria approves the revocation of operating licences of 46 Microfinance Banks due to their failure to meet regulatory requirements, including insufficient assets to meet liabilities and closure of operations without the CBN’s approval, among others for continued operations as licensed financial institutions in the West African country

Isola Moses | ConsumerConnect

For committing several infractions against regulatory guidelines in the banking and finance space, the Central Bank of Nigeria (CBN) Wednesday, July 1, 2026, announced the revocation of the operating licences of 46 Microfinance Banks (MFBs) in the country.

Hakama Sidi-Ali, Acting Director of Corporate Communications at CBN, who disclosed this development in a statement Wednesday, said the Bank’s decision took immediate effect.

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The Bankers’ Bank also noted in the statement published on its corporate Web site: “The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) 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 further indicated that Olayemi Cardoso, Governor of CBN, had approved the revocation following the banks’ failure to meet regulatory requirements for continued operations as licensed financial institutions.

The country’s banking sector regulator further said: “According to the revocation order, the action became necessary because of one or more of the circumstances listed below:

1. Insufficient assets to meet liabilities;
2. Closure of operations without the CBN’s approval;
3. Inactivity and cessation of financial intermediation;
4. Failure to commence operations within 12 months of licence approval; and
5. Failure to maintain minimum capital funds unimpaired by losses.

The revocation of the licences is part of the CBN’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.

“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 bank added.

Below is a full list of the microfinance banks with their operating licences revoked:

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