FULL LIST: CBN Withdraws Licences of 46 Microfinance Banks 

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country over regulatory breaches and failure to meet conditions for continued operation.

The revocation took effect from July 1, 2026, according to a statement issued on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.

The apex bank said the decision followed the approval of CBN Governor, Olayemi Cardoso, and was carried out in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.

Why the Licences Were Revoked

According to the CBN, the affected microfinance banks failed to meet one or more key regulatory requirements.

The regulator said some of the banks had insufficient assets to meet their liabilities, while others had stopped operations without approval.

The CBN also cited inactivity, failure to carry out financial intermediation, failure to commence operations within 12 months of receiving a licence, and failure to maintain the required minimum capital.

The bank said the move forms part of its wider effort to protect depositors, strengthen public confidence and ensure that licensed financial institutions obey existing laws.

CBN Says Financial Stability Remains Priority

The CBN said it remains committed to promoting a safe, sound and resilient financial system.

It added that it would continue to take supervisory and regulatory action where necessary to protect the stability of Nigeria’s financial sector.

The decision comes at a time when the apex bank has increased pressure on financial institutions to improve capital strength, governance and compliance.

Full List of Affected Microfinance Banks

The affected microfinance banks are:

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, Tier 2, Kano
9. Now Now Digital MFB, Tier 2, Kano
10. Crystabel Microfinance Bank, Tier 1, Bayelsa
11. Chanelle MFB, state-based, 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-based, 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-based, Uyo
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 MFB, 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. Our Pass 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. Entrepreneur MFB, Tier 1, Lagos
46. Avantus MFB, Tier 2, Osun

What This Means for Depositors

The revocation means the affected institutions no longer have the legal authority to operate as licensed microfinance banks in Nigeria.

For customers, the immediate concern will be access to deposits, pending instructions from regulators and relevant resolution authorities.

The action also sends a warning to other microfinance banks that the CBN is tightening oversight and will not allow weak or inactive institutions to continue operating under valid licences.