CBN revokes 46 Microfinance Bank licences
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks effective immediately.
The enforcement action, approved by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, targets institutions that the apex bank determined have fundamentally failed to meet baseline statutory operational guidelines.
The move was executed under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020. According to a formal statement issued by the central bank on Wednesday, the affected institutions consistently defaulted on basic operational criteria, leaving the regulator with little choice but to step in to protect retail depositors.
The CBN outlined a litany of regulatory infractions that triggered the mass closures. Prominent among the offences were acute capitalization failures and extreme liquidity shortages.
The regulatory body noted that the banks had lost their licences due to a combination of institutional failures.
“The revocation became necessary because of one or more [regulatory breaches],” the central bank stated.
Below is the list of the affected banks:
| S/N | Microfinance Bank (MFB) Name | License Tier / Type | State Location |
| 1 | Minji-Se Churchill MFB | Tier 1 | Rivers |
| 2 | Merchant MFB | Tier 2 | Abia |
| 3 | Janmaa MFB | Tier 1 | Kwwara |
| 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 | Tier 2 | Kano |
| 9 | Now Now Digital MFB | Tier 2 | Kano |
| 10 | Crystabel Microfinance Bank | Tier 1 | Bayelsa |
| 11 | Chanelle MFB | State-based | Lagos |
| 12 | Abia SME MFB | Tier 1 | Abia |
| 13 | Kamba MFB | Tier 2 | Kebbi |
| 14 | Iwade MFB | Tier 2 | Ogun |
| 15 | Winview MFB | Tier 1 | Abuja |
| 16 | Zuru MFB | Tier 2 | Kebbi |
| 17 | Minjibir MFB | Tier 1 | Kano |
| 18 | Shanono MFB | Tier 2 | Kano |
| 19 | Sumaila MFB | Tier 2 | Kano |
| 20 | Rimin Gado MFB | Tier 2 | Kano |
| 21 | Mwaghavul MFB | State-based | Plateau |
| 22 | Sycamore MFB | Tier 2 | Kano |
| 23 | TOFA MFB | Tier 2 | Kano |
| 24 | Safegate MFB | Tier 1 | Lagos |
| 25 | Creekline MFB | Tier 2 | Delta |
| 26 | Bestar MFB | Tier 1 | Oyo |
| 27 | Livingspring MFB | Tier 1 | Cross River |
| 28 | Apple MFB | Tier 2 | Ogun |
| 29 | Stanford MFB | State-based | Uyo (Akwa Ibom) |
| 30 | Frontline MFB | Tier 2 | Anambra |
| 31 | Zafec MFB | Tier 2 | Kaduna |
| 32 | Supreme MFB | Tier 1 | Lagos |
| 33 | Bejin-Doko MFB | Tier 2 | Niger |
| 34 | Kanopoly MFB | Tier 1 | Kano |
| 35 | Bellbank MFB (formerly Tsanyawa) | Tier 2 | Kano |
| 36 | Yeneng MFB | Tier 2 | Plateau |
| 37 | Creditville MFB | Tier 1 | Lagos |
| 38 | MBAG MFB | Tier 1 | Lagos |
| 39 | Straight Sahara MFB | Tier 1 | Benue |
| 40 | Our Pass MFB | Tier 2 | Ondo |
| 41 | VERDANT MFB | Tier 1 | Lagos |
| 42 | Basawa MFB | Tier 2 | Kaduna |
| 43 | Casha MFB | Tier 2 | Abuja |
| 44 | Esteem MFB | Tier 2 | Kano |
| 45 | Entrepreneur MFB | Tier 1 | Lagos |
| 46 | Avantus MFB | Tier 2 | Osun |
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