By Anthony Otaru, Abuja
The Central Bank of Nigeria (CBN) has intensified its regulatory crackdown on the financial sector by revoking the operating licences of 46 microfinance banks.
The apex bank cited persistent breaches of regulatory requirements and failure to meet the minimum standards for continued operation.
The sweeping action took effect on July 1, 2026, following the approval of the Governor of the Central Bank of Nigeria, .
The apex bank said the revocation was carried out under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, as part of efforts to strengthen financial system stability and safeguard depositors’ funds.
According to the CBN, supervisory examinations revealed that the affected institutions committed one or more serious regulatory infractions, rendering them unfit to continue operating as licensed financial institutions.
“The revocation was approved by the Governor of the Central Bank of Nigeria following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.”
The CBN explained that the affected banks were found wanting in several critical areas.
These included inadequate assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, failure to commence business within 12 months of obtaining licences, and inability to maintain the statutory minimum capital base due to accumulated losses.
The affected institutions include Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB (formerly Dawakin Tofa MFB), Bompai MFB, Ajwa MFB (formerly Gezawa), NOW NOW DIGITAL MFB, Crystabel Microfinance Bank, Chanelle MFB and Abia SME MFB.
Others are Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, TOFA MFB and Safegate MFB.
The remaining institutions are Creekline MFB, Bestar MFB, Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin-Doko MFB, Kanopoly MFB, Bellbank MFB (formerly Tsanyawa) and Yeneng MFB.
Also affected are Creditville MFB, MBAG MFB, Straight Sahara MFB, Ourpass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Entrepreneur MFB and Avantus MFB.
A breakdown of the affected institutions shows that Kano State recorded the highest number of licence withdrawals with 13 microfinance banks, followed by Lagos State with eight.
The list comprises 25 Tier 2 microfinance banks, 18 Tier 1 microfinance banks, and 3 state microfinance banks, spread across the country.
The latest action forms part of the apex bank’s ongoing reforms aimed at strengthening regulatory compliance, eliminating weak financial institutions and reinforcing public confidence in Nigeria’s banking system.
The CBN reaffirmed its commitment to maintaining a safe and resilient financial sector through sustained supervision and prompt regulatory intervention where necessary.
“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.”
