The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector.
By Ife Osemedua
365Daily – The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, in a move aimed at strengthening the banking system, protecting depositors and enforcing compliance with prudential regulations.
The revocation, which took effect from July 1, 2026, was announced in a statement on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
The apex bank said the decision, approved by Governor Olayemi Cardoso, was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following the failure of the affected institutions to meet key regulatory requirements.
The move signals the CBN’s determination to enforce stricter standards in the financial sector following the banking industry’s recapitalisation exercise, which required banks to meet new minimum capital thresholds by March 31, 2026.
According to the CBN, the affected institutions were found to have one or more serious regulatory infractions, including insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence operations within 12 months of obtaining licences, and failure to maintain the required minimum capital.
“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 said.
The affected banks are 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 (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) and Apple MFB (Ogun).
Others are 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), Our Pass MFB (Ondo), Verdant MFB (Lagos), Basawa MFB (Kaduna), Casha MFB (Abuja), Esteem MFB (Kano), Enterpreneur MFB (Lagos) and Avantus MFB (Osun).
The CBN reiterated its commitment to maintaining a safe, sound and resilient financial system, adding that it would continue to take supervisory and enforcement actions against institutions that fail to comply with banking regulations.
The latest action comes months after the apex bank concluded its banking recapitalisation programme. In March 2024, the CBN raised the minimum capital requirements for banks and gave operators until March 31, 2026, to comply. By March 6, 2026, the regulator announced that 30 banks had successfully met the new capital threshold.
Industry observers say the latest licence revocations underscore the CBN’s resolve to weed out distressed and non-compliant financial institutions while reinforcing public confidence in Nigeria’s banking sector.