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, with the decision taking effect from July 1, 2026.
In a statement issued on Wednesday, the apex bank said the action was approved by its Governor, Olayemi Cardoso, following the affected institutions' failure to meet the regulatory requirements for continued operations.
According to the CBN, the licences were withdrawn due to several regulatory breaches, including inadequate assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving licences, and failure to maintain the required minimum capital.
The bank stated that the move forms part of its ongoing efforts to strengthen the stability of Nigeria's financial system, safeguard depositors' funds, and ensure that licensed financial institutions comply with existing laws and prudential regulations.
The affected microfinance banks are: 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, and AVANTUS MFB.
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