Full list: 46 microfinance banks lose CBN operating licences

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country.

The decision took effect on July 1, 2026, and was announced in a statement issued by the apex bank.

CBN Governor Olayemi Cardoso approved the revocation under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020. The affected institutions failed to meet the regulatory requirements for continued operation as licensed financial institutions.

Why the licences were revoked

The CBN said the revocation became necessary for one or more of the following reasons:

• Insufficient assets to meet liabilities
• Closure of operations without the CBN’s approval
• Inactivity and cessation of financial intermediation
• Failure to commence operations within 12 months of licence approval
• Failure to maintain minimum capital funds unimpaired by losses

Kano, Lagos account for largest share

Kano recorded the highest number of revoked licences, followed by Lagos. Other affected states include Abia, Kebbi, Niger, Ogun, Kaduna, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Ondo, Osun, Oyo, Anambra, and the Federal Capital Territory.

Full list of revoked Microfinance Banks:

AVANTUS MFB – Osun

Minji-Se Churchill MFB – Rivers

Merchant MFB – Abia

Janmaa MFB – Kwara

Busu MFB – Niger

Gold MFB – Lagos

Zain MFB (formerly Dawakin Tofa MFB) – Kano

Bompai MFB – Kano

Ajwa MFB (Formerly Gezawa) – Kano

NOW NOW DIGITAL MFB – Kano

Crystabel Microfinance Bank – Bayelsa

Chanelle MFB – Lagos

Abia SME MFB – Abia

Kamba MFB – Kebbi

Iwade MFB – Ogun

Winview MFB – Abuja

Zuru MFB – Kebbi

Minjibir MFB – Kano

Shanono MFB – Kano

Sumaila MFB – Kano

Rimin Gado MFB – Kano

Mwaghavul MFB – Plateau

Sycamore MFB – Kano

TOFA MFB – Kano

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) – Kano

Yeneng MFB – Plateau

Creditville MFB – Lagos

MBAG MFB – Lagos

STRAIGHT SAHARA MFB – Benue

OURPASS MFB – Ondo

VERDANT MFB – Lagos

BASAWA MFB – Kaduna

CASHA MFB – Abuja

ESTEEM MFB – Kano

ENTREPRENEUR MFB – Lagos

The CBN described the action as part of its 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 statement signed by Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, read.

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The revocation follows a broader push by the Cardoso-led CBN to enforce stricter compliance across the banking industry through improved supervision and governance standards. Microfinance banks play a key role in extending banking services and credit to low-income households, small businesses and underserved communities.

The CBN said the action forms part of its efforts to strengthen the country’s financial system and protect depositors. The affected institutions are no longer authorised to operate as licensed financial institutions. 

Depositors with the affected banks are advised to contact the Nigeria Deposit Insurance Corporation for guidance on claims.