By Godswill Michael
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks for failing to comply with regulatory requirements governing the operation of licensed financial institutions.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the statement, “the revocation took effect from July 1, 2026, following the approval of the CBN Governor, Mr. Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.”
The CBN said the affected institutions were found to have committed one or more regulatory infractions, including having insufficient assets to meet liabilities, shutting down operations without the approval of the apex bank, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the minimum capital required for continued operations.
It added that “the revocation of the licenses is part of the 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 affected institutions cut across several states and categories of microfinance banking. They are Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB (formerly Dawakin Tofa MFB), Bompai MFB, Ajwa MFB (formerly Gezawa), 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 (formerly Tsanyawa), Yeneng MFB, Creditville MFB, MBAG MFB, Straight Sahara MFB, OurPass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Entrepreneur MFB and Avantus MFB.
The CBN reaffirmed its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to enforce regulatory standards and take appropriate supervisory actions against institutions that fail to comply with extant laws and prudential requirements.
The bank said such measures are necessary to preserve public confidence in Nigeria’s financial system and ensure the continued stability of the country’s banking sector.