CBN Revokes Operating Licences Of 46 Microfinance Banks (FULL LIST)

 

CBN Governor Yemi Cardoso approved the revocation of the operating licences following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions. 
The Central Bank of Nigeria (CBN) on Wednesday announced the revocation of the operating licences of forty-six microfinance banks.
According to a statement signed by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the move takes immediate effect.
“The Central Bank of Nigeria (CBN) has revoked the operating licences of forty-six (46) Microfinance Banks 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 published on the CBN’s website read in part.
CBN Governor Olayemi Cardoso approved the revocation following the banks’ failure to meet regulatory requirements for continued operation as licensed financial institutions.
“According to the revocation order, the action became necessary because of one or more of the circumstances listed below: i. Insufficient assets to meet liabilities; ii. Closure of operations without the CBN’s approval; iii. Inactivity and cessation of financial intermediation; iv. Failure to commence operations within 12 months of licence approval; and v. Failure to maintain minimum capital funds unimpaired by losses,” the bank said.
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.

See Full List Of Affected Microfinance Banks
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
 
By Abraham Uvii
Follow Triumphant TV for more