By Peace Udugba
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet regulatory requirements for continued operations.
The apex bank announced on Wednesday that the revocation took effect from July 1, 2026, following approval by the Governor of the CBN, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
In a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN said the affected institutions failed to satisfy the conditions required to retain their operating licences.
According to the statement, the affected microfinance banks were found to have committed one or more regulatory breaches, including inadequate assets to meet liabilities, unauthorised closure of operations, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months of obtaining licences, and failure to maintain the required minimum capital.
The CBN said the action forms part of its ongoing efforts to strengthen the stability of Nigeria’s financial system, protect depositors’ funds, and ensure strict compliance with banking laws and regulatory standards.
“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 read.
The apex bank reaffirmed its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and regulatory actions whenever necessary to sustain public confidence in the nation’s banking sector.
The affected institutions include Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Busu Microfinance Bank, Gold Microfinance Bank, Zain Microfinance Bank, Bompai Microfinance Bank, Ajwa Microfinance Bank, NOW NOW Digital Microfinance Bank, Crystabel Microfinance Bank, Chanelle Microfinance Bank, Abia SME Microfinance Bank, Kamba Microfinance Bank, Iwade Microfinance Bank, Winview Microfinance Bank, Zuru Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Mwaghavul Microfinance Bank, Sycamore Microfinance Bank, Tofa Microfinance Bank, Safegate Microfinance Bank, Creekline Microfinance Bank, Bestar Microfinance Bank, Livingspring Microfinance Bank, Apple Microfinance Bank, Stanford Microfinance Bank, Frontline Microfinance Bank, Zafec Microfinance Bank, Supreme Microfinance Bank, Bejin-Doko Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank, Yeneng Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Straight Sahara Microfinance Bank, OurPass Microfinance Bank, Verdant Microfinance Bank, Basawa Microfinance Bank, Casha Microfinance Bank, Esteem Microfinance Bank, Entrepreneur Microfinance Bank, and Avantus Microfinance Bank.
