CBN Revokes Licenses of 46 Microfinance Banks: Full List with Names, Categories, States

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 microfinance banks across the country, with the decision taking effect from July 1, 2026. The move is part of the apex bank’s ongoing regulatory efforts to strengthen the Nigerian financial system, ensure compliance with banking regulations, and protect depositors.

According to a press statement issued by the CBN, the revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, in line with the powers granted under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Why the CBN Revoked the Licenses

The Central Bank explained that the affected institutions failed to meet the regulatory requirements necessary to continue operating as licensed financial institutions.

The revocation was based on one or more of the following reasons:

  • Insufficient assets to meet liabilities.
  • Closure of operations without obtaining CBN approval.
  • Inactivity and cessation of financial intermediation.
  • Failure to commence operations within 12 months after receiving a banking licence.
  • Failure to maintain the required minimum capital funds unimpaired by losses.

The CBN noted that these measures are intended to preserve financial sector stability, safeguard depositors’ interests, and ensure that licensed financial institutions continue to comply with existing laws and regulatory standards.

Full List of the 46 Microfinance Banks Affected

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No.Microfinance BankCategoryState
1Minji-Se Churchill MFBTier 1Rivers
2Merchant MFBTier 2Abia
3Janmaa MFBTier 1Kwara
4Busu MFBTier 2Niger
5Gold MFBTier 1Lagos
6Zain MFB (formerly Dawakin Tofa MFB)Tier 2Kano
7Bompai MFBTier 1Kano
8Ajwa MFB (Formerly Gezawa)Tier 2Kano
9NOW NOW Digital MFBTier 2Kano
10Crystabel Microfinance BankTier 1Bayelsa
11Chanelle MFBStateLagos
12Abia SME MFBTier 1Abia
13Kamba MFBTier 2Kebbi
14Iwade MFBTier 2Ogun
15Winview MFBTier 1Abuja
16Zuru MFBTier 2Kebbi
17Minjibir MFBTier 1Kano
18Shanono MFBTier 2Kano
19Sumaila MFBTier 2Kano
20Rimin Gado MFBTier 2Kano
21Mwaghavul MFBStatePlateau
22Sycamore MFBTier 2Kano
23TOFA MFBTier 2Kano
24Safegate MFBTier 1Lagos
25Creekline MFBTier 2Delta
26Bestar MFBTier 1Oyo
27Livingspring MFBTier 1Cross River
28Apple MFBTier 2Ogun
29Stanford MFBStateAkwa Ibom
30Frontline MFBTier 2Anambra
31Zafec MFBTier 2Kaduna
32Supreme MFBTier 1Lagos
33Bejin-Doko MFBTier 2Niger
34Kanopoly MFBTier 1Kano
35Bellbank MFB (formerly Tsanyawa MFB)Tier 2Kano
36Yeneng MFBTier 2Plateau
37Creditville MFBTier 1Lagos
38MBAG MFBTier 1Lagos
39Straight Sahara MFBTier 1Benue
40OurPass MFBTier 2Ondo
41Verdant MFBTier 1Lagos
42Basawa MFBTier 2Kaduna
43CASHA MFBTier 2Abuja
44Esteem MFBTier 2Kano
45Entrepreneur MFBTier 1Lagos
46Avantus MFBTier 2Osun

What This Means

The revocation means that the affected institutions are no longer authorized to operate as licensed microfinance banks in Nigeria from July 1, 2026.

For customers who maintained accounts with any of the affected banks, further guidance regarding claims, deposits, or liquidation processes is expected to come through the appropriate regulatory and statutory channels.

CBN Reaffirms Commitment to Financial Stability

The Central Bank emphasized that it remains committed to promoting a safe, sound, and resilient financial system. The regulator stated that it will continue to take appropriate supervisory and enforcement actions whenever licensed financial institutions fail to comply with regulatory obligations.

CBN Revokes Licenses of 46 Microfinance Banks: Full List with Names Categories, States
CBN headquarters, Abuja

The latest action underscores the CBN’s continued focus on strengthening the banking sector, improving public confidence in the financial system, and ensuring that only institutions that meet prudential and operational standards remain licensed to operate.

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