The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing their failure to meet regulatory requirements for continued operation.
In a statement on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Affected banks include:
• Minji-Se Churchill MFB
• Merchant MFB
• Janmaa MFB
• Busu MFB
• Gold MFB
• Zain MFB
• Bompai MFB
• Ajwa MFB
• NOW NOW Digital MFB
• Crystabel Microfinance Bank
• Chanelle MFB
• Abia SME MFB
• Kamba MFB
• Iwade MFB
• Winview MFB
• Zuru MFB
• Minjibir MFB
• Shanono MFB
• Sumaila MFB
• Rimin Gado MFB
• Mwaghavul MFB
• Sycamore MFB
• TOFA MFB
• Safegate MFB
• Creekline MFB
• Bestar MFB
• Livingspring MFB
• Apple MFB
• Stanford MFB
• Frontline MFB
• Zafec MFB
• Supreme MFB
• Bejin-Doko MFB
• Kanopoly MFB
• Bellbank MFB
• Yeneng MFB
• Creditville MFB
• MBAG MFB
• Straight Sahara MFB
• OurPass MFB
• Verdant MFB
• Basawa MFB
• Casha MFB
• Esteem MFB
• Entrepreneur MFB
• Avantus MFB
CBN stated that the affected institutions failed to meet regulatory requirements.
