BREAKING: CBN withdraws licences of 46 microfinance banks (Full list)

The Central Bank of Nigeria has withdrawn the operating licences of 46 Microfinance Banks (MFBs) nationwide over their failure to comply with critical regulatory and operational requirements.

The revocation, which took effect on July 1, 2026, was approved by the Governor of the CBN, Mr. Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

In a statement issued on Wednesday by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the apex bank explained that the affected financial institutions no longer met the statutory conditions required to continue operating as licensed microfinance banks.

According to the CBN, the decision followed several serious regulatory breaches, including inadequate assets to cover liabilities, shutting down operations without the bank’s approval, prolonged inactivity, failure to commence business within 12 months of receiving licences, and inability to maintain the required minimum capital.

The regulator said the action forms part of its ongoing efforts to strengthen oversight of the banking sector, protect depositors’ funds, and ensure full compliance with banking laws and prudential guidelines.

“The revocation of the licences 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 statement read.

The CBN reiterated its commitment to maintaining a safe, stable and resilient financial system, stressing that it would continue to take necessary regulatory actions against institutions that violate established rules in order to sustain public confidence in Nigeria’s banking industry.

The affected institutions span different licence categories, including Tier 1, Tier 2 and State Microfinance Banks, across several states of the federation.

Among the banks affected are Minji-Se Churchill MFB (Rivers), Merchant MFB (Abia), Janmaa MFB (Kwara), Busu MFB (Niger), Gold MFB (Lagos), Zain MFB (formerly Dawakin Tofa MFB), Bompai MFB, Ajwa MFB (formerly Gezawa), NOW NOW Digital MFB, Crystal Microfinance Bank (Bayelsa), Chanelle MFB (Lagos), Abia SME MFB, Kamba MFB (Kebbi), Iwade MFB (Ogun), Winview MFB (FCT), Zuru MFB (Kebbi), Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB (Plateau), Sycamore MFB, TOFA MFB, Safegate MFB (Lagos), Creekline MFB (Delta), Bestar MFB (Oyo), Livingspring MFB (Cross River), Apple MFB (Ogun), Stanford MFB (Akwa Ibom), Frontline MFB (Anambra), Zafec MFB (Kaduna), Supreme MFB (Lagos), Bejin-Doko MFB (Niger), Kanopoly MFB (Kano), Bellbank MFB (formerly Tsanyawa MFB), Yeneng MFB (Plateau), Creditville MFB (Lagos), MBAG MFB (Lagos), Straight Sahara MFB (Benue), Ourpass MFB (Ondo), Verdant MFB (Lagos), Basawa MFB (Kaduna), CASHA MFB (FCT), Esteem MFB (Kano), Entrepreneur MFB (Lagos), and Avantus MFB (Osun).