CBN Revokes Licences of 46 Microfinance Banks (Full List)

• The CBN has revoked the licences of 46 microfinance banks nationwide, citing regulatory breaches, inadequate capital, inactivity, and other violations as part of efforts to strengthen Nigeria’s financial system.

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements for continued operation.

In a statement issued on Wednesday, the apex bank said the revocation took effect from July 1, 2026, in line with the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the action became necessary due to issues including insufficient assets to meet liabilities, closure of operations without approval, prolonged inactivity, failure to commence operations within the required period, and failure to maintain the minimum capital requirement.

The affected microfinance banks are:

FULL LIST

46 affected microfinance banks

1. Minji-Se Churchill MFB (Rivers)
2. Merchant MFB (Abia)
3. Janmaa MFB (Kwara)
4. Busu MFB (Niger)
5. Gold MFB (Lagos)
6. Zain MFB (formerly Dawakin Tofa MFB, Kano)
7. Bompai MFB (Kano)
8. Ajwa MFB (Kano)
9. Now Now Digital MFB (Kano)
10. Crystabel Microfinance Bank (Bayelsa)
11. Chanelle MFB (Lagos)
12. Abia SME MFB (Abia)
13. Kamba MFB (Kebbi)
14. Iwade MFB (Ogun)
15. Winview MFB (Abuja)
16. Zuru MFB (Kebbi)
17. Minjibir MFB (Kano)
18. Shanono MFB (Kano)
19. Sumaila MFB (Kano)
20. Rimin Gado MFB (Kano)
21. Mwaghavul MFB (Plateau)
22. Sycamore MFB (Kano)
23. TOFA MFB (Kano)
24. Safegate MFB (Lagos)
25. Creekline MFB (Delta)
26. Bestar MFB (Oyo)
27. Livingspring MFB (Cross River)
28. Apple MFB (Ogun)
29. Stanford MFB (Uyo)
30. Frontline MFB (Anambra)
31. Zafec MFB (Kaduna)
32. Supreme MFB (Lagos)
33. Bejin-Doko MFB (Niger)
34. Kanopoly MFB (Kano)
35. Bellbank MFB (formerly Tsanyawa MFB, Kano)
36. Yeneng MFB (Plateau)
37. Creditville MFB (Lagos)
38. MBAG MFB (Lagos)
39. Straight Sahara MFB (Benue)
40. Our Pass MFB (Ondo)
41. VERDANT MFB (Lagos)
42. Basawa MFB (Kaduna)
43. Casha MFB (Abuja)
44. Esteem MFB (Kano)
45. Enterpreneur MFB (Lagos)
46. Avantus MFB (Osun)

The CBN said the revocation forms part of its ongoing efforts to protect depositors, strengthen the financial system, and ensure compliance with regulatory standards.

The latest action comes after the apex bank’s banking sector recapitalisation programme, which gave financial institutions until March 31, 2026, to meet new capital requirements.