CBN Headquarters, Abuja

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, citing persistent regulatory and operational failures.

In a statement issued on Wednesday, the apex bank said the action, approved by Governor Olayemi Cardoso under the Banks and Other Financial Institutions Act (BOFIA), 2020, followed the affected banks’ failure to meet key regulatory requirements, including maintaining minimum capital, meeting financial obligations, commencing operations within the stipulated period, and remaining operational.

The affected banks are Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB, Bompai MFB, Ajwa MFB, NOW NOW Digital MFB, Crystabel Microfinance Bank, Chanelle MFB, Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, TOFA MFB, Safegate MFB, Creekline MFB, Bestar MFB, Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin-Doko MFB, Kanopoly MFB, Bellbank MFB, Yeneng MFB, Creditville MFB, MBAG MFB, Straight Sahara MFB, OurPass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Enterpreneur MFB and Avantus MFB.

The CBN said the revocation is part of its ongoing efforts to strengthen the financial system, protect depositors and ensure that licensed financial institutions comply with existing laws and regulatory standards.

The apex bank reaffirmed its commitment to maintaining a safe, sound and resilient financial system through continued supervisory and enforcement actions.