In a fresh move to further sanitise the banking industry, the Central Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks in the country.
The revocation order is effective from July 1, 2026, and is made in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
The affected banks are located across 19 States viz: Abia 2, Abuja 2, Anambra 1, Benue1, Bayelsa 1, Cross River 1, Delta 1, Oyo 2, Kaduna 2, Kano 13, Kebbi 2, Kwara1, Lagos 8, Niger 2, Ogun 2, Ondo 1, Osun 1, Oyo 2, Plateau 2, and Rivers1.
In terms of category, there are 12 Tier 1 microfinance banks involved while 31 of them belong to Tier2 category and the remaining 3 fall into states category.
Some of the infractions which led to Apex Bank’s actions are: Insufficient assets to meet liabilities, closure of operations without CBN approval,Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval and failure to maintain minimum capital funds unimpaired by losses.
The revocation of the licenses is part of the apex Bank’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 says it, “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.”
Some of the affected banks and their respective categories as well as states of location are stated hereunder
Minji-Se Churchill MFB Tier 1 (Rivers), Merchant MFB Tier 2 (Abia), Janmaa MFB Tier 1 (Kwara), Busu MFB Tier 2 (Niger), Gold MFB Tier 1 (Lagos), Zain MFB (foremerly Dawakin Tofa MFB) Tier 2 (Kano), Bompai MFB Tier 1 (Kano), Ajwa MFB (Formerly Gezawa) Tier 2 (Kano), NOW NOW DIGITAL MFB Tier 2 (Kano), Crystabel Microfinance Bank Tier 1 (Bayelsa), Chanelle MFB State (Lagos), Abia SME MFB Tier 1 (Abia), Kamba MFB Tier 2 (Kebbi), Iwade MFB Tier 2 (Ogun), Winview MFB Tier 1 (Abuja), Zuru MFB Tier 2 (Kebbi) Minjibir MFB Tier 1 (Kano), Shanono MFB Tier 2 (Kano), Sumaila MFB Tier 2 (Kano), Rimin Gado MFB Tier 2 (Kano)
Others are Mwaghavul MFB State (Plateau), Sycamore MFB Tier 2 (Kano), TOFA MFB Tier 2 (Kano), Safegate MFB Tier 1 (Lagos), Creekline MFB Tier (Delta), 6 Bestar MFB Tier 1 (Oyo), Livingspring MFB Tier 1(CrossRiver), Apple MFB Tier 2 (Ogun), Stanford MFB State (Oyo), Frontline MFB Tier 2 (Anambra), Zafec MFB Tier 2 (Kaduna), Supreme MFB Tier 1 (Lagos), Bejin-Doko MFB Tier 2 (Niger), Kanopoly MFB Tier1 (Kano) and Bellbank MFB formerlyTsanyawa Tier2 (Kano)
The rest are Yeneng MFB Tier2 (Plateau), Creditville MFB Tier1 (Lagos), MBAG MFB Tier1 (Lagos), STRAIGHT SAHARA MFB Tier1 (Benue), OURPASS MFB Tier2 (Ondo), VERDANT MFB Tier1 (Lagos), BASAWA MFB Tier 2 (Kaduna) CASHA MFB Tier2 (Abuja), ESTEEM MFB Tier2 (Kano), ENTERPRENEUR MFB Tier1 (Lagos) and last of all, AVANTUS MFB Tier2 (Osun).