CBN Revokes Licences Of 46 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, effective July 1, 2026, over their failure to meet regulatory requirements.

The decision, approved by the CBN Governor, Mr. Olayemi Cardoso, was made in line 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, Mrs. Hakama Sidi Ali, the apex bank said the affected institutions failed to satisfy the conditions required for continued operation as licensed financial institutions.

According to the CBN, the revocation became necessary due to one or more regulatory breaches, including insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity or cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital required by law.

ALSO READ: CBN Revokes Licences Of 46 Microfinance Banks

Among the affected banks are **Merchant Microfinance Bank (Abia), Gold Microfinance Bank (Lagos), Bompai Microfinance Bank (Kano), NOW NOW Digital Microfinance Bank (Kano), Abia SME Microfinance Bank (Abia), Safegate Microfinance Bank (Lagos), Creekline Microfinance Bank (Delta), Creditville Microfinance Bank (Lagos), MBAG Microfinance Bank (Lagos), Supreme Microfinance Bank (Lagos), Entrepreneur Microfinance Bank (Lagos), Verdant Microfinance Bank (Lagos), OurPass Microfinance Bank (Ondo), Avantus Microfinance Bank (Osun), Frontline Microfinance Bank (Anambra), Bestar Microfinance Bank (Oyo), Livingspring Microfinance Bank (Cross River), Apple Microfinance Bank (Ogun), Zafec Microfinance Bank (Kaduna), and Casha Microfinance Bank (FCT), among others.

Other affected institutions include Minji-Se Churchill, Janmaa, Busu, Zain (formerly Dawakin Tofa), Ajwa (formerly Gezawa), Crystabel, Chanelle, Kamba, Iwade, Winview, Zuru, Minjibir, Shanono, Sumaila, Rimin Gado, Mwaghavul, Sycamore, Tofa, Bejin-Doko, Kanopoly, Bellbank (formerly Tsanyawa), Yeneng, Straight Sahara, Basawa and Esteem Microfinance Banks.

The CBN said the action forms part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure that licensed financial institutions comply with existing laws and regulatory requirements.

The Bank reaffirmed its commitment to promoting a safe, sound and resilient financial system, adding that it will continue to take appropriate supervisory and regulatory actions whenever necessary to maintain public confidence in Nigeria’s banking sector.This version is more readable and follows the style commonly used by newspapers.