WED JULY 01 2026-theGBJournal| The Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, the apex said in a statement released by its Ag. Director, Corporate Communications Department, Sidi-Ali, Hakama (Mrs).
The revocation, according to the statement, was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
According to the revocation order, the action became necessary because of one or more of the circumstances, including Insufficient assets to meet liabilities, Closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, Failure to commence operations within 12 months of licence approval, and Failure to maintain minimum capital funds unimpaired by losses.
The Bank said the revocation of the licenses is part of it’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 apex bank reiterated its remains commitmented 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 Full List of Affected MFBs/category and state
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 (foremerly Dawakin Tofa MFB) Tier 2 /Kano
7 Bompai MFB Tier 1 ‘Kano
8 Ajwa MFB (Formerly Gezawa) Tier 2 /Kano
9 NOW NOW DIGITAL MFB Tier 2 /Kano
10 Crystabel Microfinance Bank Tier 1 /Bayelsa
11 Chanelle MFB State /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 /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 /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 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 OURPASS 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 ENTERPRENEUR MFB Tier 1 /Lagos
46 AVANTUS MFB Tier 2 /Osun
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