The Central Bank of Nigeria (CBN) on Wednesday announced the revocation of the operating licences of forty-six microfinance banks.
According to a statement signed by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, the move takes immediate effect.
“The Central Bank of Nigeria (CBN) has revoked the operating licences of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement published on the CBN’s website read in part.
CBN Governor Olayemi Cardoso approved the revocation following the banks’ failure to meet regulatory requirements for continued operation as licensed financial institutions.
“According to the revocation order, the action became necessary because of one or more of the circumstances listed below: i. Insufficient assets to meet liabilities; ii. Closure of operations without the CBN’s approval; iii. Inactivity and cessation of financial intermediation; iv. Failure to commence operations within 12 months of licence approval; and v. Failure to maintain minimum capital funds unimpaired by losses,” the bank said.
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The revocation of the licences is part of the CBN’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 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 maintain public confidence in the Nigerian financial system,” the bank added.
CBN Licence Revocation: See Full List Of Affected Microfinance Banks
Below is a full list of the microfinance banks with their operating licences revoked:
S/NO MFB NAME CATEGORY STATE
1 Minji-Se Churchill MFB Tier 1 Rivers
2 Merchant MFB Tier 2 Abia
3 Janmaa MFB Tier 1 Kwara
4 Busu MFB Tier 2 Niger
5 Gold MFB Tier 1 Lagos
6 Zain MFB (formerly Dawakin Tofa MFB) Tier 2 Kano
7 Bompai MFB Tier 1 Kano
8 Ajwa MFB (Formerly Gezawa) Tier 2 Kano
9 NOW NOW DIGITAL MFB Tier 2 Kano
10 Crystabel Microfinance Bank Tier 1 Bayelsa
11 Chanelle MFB State Lagos
12 Abia SME MFB Tier 1 Abia
13 Kamba MFB Tier 2 Kebbi
14 Iwade MFB Tier 2 Ogun
