The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country as part of a fresh regulatory exercise aimed at strengthening the stability and integrity of Nigeria’s financial system.
The apex bank announced the decision in a statement issued on Wednesday, July 1, 2026, saying the affected institutions failed to meet the regulatory standards required to continue operating as licensed financial institutions.
According to the statement signed by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, in line with the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN explained that the action followed routine supervisory assessments, which revealed persistent breaches of regulatory requirements by the affected institutions.
It said some of the banks had inadequate assets to meet their liabilities, while others ceased operations without obtaining regulatory approval. Several were also found to have remained inactive for prolonged periods, failed to commence business within the stipulated timeframe after receiving their licences, or were unable to maintain the statutory minimum capital required under existing banking regulations.
The affected institutions cut across Tier 1, Tier 2 and State Microfinance Banks operating in several parts of the country, including Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra states.
Among the microfinance banks affected are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW NOW Digital Microfinance Bank, alongside dozens of others listed in the CBN’s official notice.
The apex bank said the latest enforcement action forms part of its broader commitment to sanitising the financial sector, protecting depositors’ funds and ensuring that licensed financial institutions operate in compliance with prudential guidelines and corporate governance standards.
“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 sustain public confidence in the banking sector,” the statement said.
Financial analysts say the development reflects the CBN’s determination to enforce stricter compliance within the microfinance banking industry and remove institutions that no longer meet minimum operational and financial requirements.
Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) is expected to begin the statutory liquidation process in accordance with existing laws. The corporation will oversee the management of the assets and liabilities of the affected banks while making arrangements for the settlement of eligible depositors.
Customers of the affected microfinance banks have been advised to await further directives from the NDIC and other relevant regulatory authorities regarding the recovery of insured deposits and other outstanding claims.
List of Revoked Microfinance Banks:
- 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
- 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 (formerly Tsanyawa)
- Yeneng MFB
- Creditville MFB
- MBAG MFB
- STRAIGHT SAHARA MFB
- OURPASS MFB
- VERDANT MFB
- BASAWA MFB
- CASHA MFB
- ESTEEM MFB
- ENTREPRENEUR MFB
- AVANTUS MFB
