CBN Revokes Licences of 46 Microfinance Banks Across Nigeria, Releases Full List
- CBN revokes licences of 46 microfinance banks for failing regulatory and operational requirements
- Decision aims to strengthen Nigeria's financial system and protect depositors' funds
- This marks one of CBN's largest licence revocations in recent years as it moves to sanitise the financial system
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing persistent regulatory breaches and failure to meet the minimum requirements for continued operation.
The apex bank announced that the revocation takes effect from July 1, 2026, following the approval of the CBN Governor, Mr. Olayemi Cardoso, under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Source: Facebook
CBN explains why the banks lost their licences
According to the CBN, the affected institutions failed to satisfy key regulatory conditions required to retain their banking licences.
The regulator said the decision was necessitated by one or more of the following infractions:
- Insufficient assets to meet liabilities.
- Closure of operations without obtaining CBN approval.
- Inactivity and cessation of financial intermediation.
- Failure to commence operations within 12 months after receiving a licence.
- Failure to maintain the minimum capital requirement without impairment from losses.
The apex bank stressed that the enforcement action is part of its broader efforts to strengthen the financial system, safeguard depositors' funds and ensure that licensed financial institutions comply with extant laws and prudential regulations.
Move aimed at protecting depositors
The CBN said it remains committed to promoting a safe, sound and resilient financial system and will continue to take supervisory and regulatory actions whenever necessary to sustain public confidence in Nigeria's banking industry.
The announcement was signed by the Acting Director of the Corporate Communications Department, Mrs Hakama Sidi-Ali, on July 1, 2026.
Full list of the 46 affected microfinance banks
The affected institutions are:
- Minji-Se Churchill MFB (Rivers)
- Merchant MFB (Abia)
- Janmaa MFB (Kwara)
- Busu MFB (Niger)
- Gold MFB (Lagos)
- Zain MFB (formerly Dawakin Tofa MFB) (Kano)
- Bompai MFB (Kano)
- Ajwa MFB (formerly Gezawa MFB) (Kano)
- NOW NOW Digital MFB (Kano)
- Crystabel Microfinance Bank (Bayelsa)
- Chanelle MFB (Lagos)
- Abia SME MFB (Abia)
- Kamba MFB (Kebbi)
- Iwade MFB (Ogun)
- Winview MFB (Abuja)
- Zuru MFB (Kebbi)
- Minjibir MFB (Kano)
- Shanono MFB (Kano)
- Sumaila MFB (Kano)
- Rimin Gado MFB (Kano)
- Mwaghavul MFB (Plateau)
- Sycamore MFB (Kano)
- TOFA MFB (Kano)
- Safegate MFB (Lagos)
- Creekline MFB (Delta)
- Bestar MFB (Oyo)
- Livingspring MFB (Cross River)
- Apple MFB (Ogun)
- Stanford MFB (Uyo)
- Frontline MFB (Anambra)
- Zafec MFB (Kaduna)
- Supreme MFB (Lagos)
- Bejin-Doko MFB (Niger)
- Kanopoly MFB (Kano)
- Bellbank MFB (formerly Tsanyawa MFB) (Kano)
- Yeneng MFB (Plateau)
- Creditville MFB (Lagos)
- MBAG MFB (Lagos)
- Straight Sahara MFB (Benue)
- OurPass MFB (Ondo)
- Verdant MFB (Lagos)
- Basawa MFB (Kaduna)
- Casha MFB (Abuja)
- Esteem MFB (Kano)
- Entrepreneur MFB (Lagos)
- Avantus MFB (Osun).
Source: Twitter
The latest action represents one of the CBN's largest single revocations of microfinance banking licences in recent years, underscoring its determination to enforce compliance, improve governance standards and preserve the stability of Nigeria's financial sector, according to a report by TheCable.
Two Nigerian banks complete merger
Legit.ng earlier reported that Providus Bank and Unity Bank have officially completed their merger, paving the way for operations under a new identity, ProvidusUnity Bank, following the conclusion of all regulatory, shareholder, and judicial approvals.
The newly combined institution said the merger marks the beginning of a new chapter for Nigeria's banking industry, creating a stronger financial institution with improved capital strength, wider national reach, and enhanced capacity to support businesses and individuals across the country.
According to a statement released on Sunday, June 28, 2026, ProvidusUnity Bank is positioned to deepen financial inclusion, strengthen lending capacity, and play a more significant role in Nigeria's economic growth agenda.
Source: Legit.ng
