CBN Shuts 46 Microfinance Banks to Protect Depositors, Releases Full List

Matilda Omonaiye/

The Central Bank of Nigeria has revoked the operating licences of 46 Microfinance banks across the country over their failure to meet key regulatory conditions required for continued operations.

The apex bank announced the decision in a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali. It says the revocation takes effect from today – July 1, 2026.

According to CBN, the action was approved by its Governor, Olayemi Cardoso, in line with the powers conferred on the bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.

The affected institutions were found to have failed to satisfy one or more regulatory requirements expected of licensed financial institutions. CBN said the reasons for the licence withdrawal included insufficient assets to meet liabilities, closure of operations without regulatory approval, prolonged inactivity, cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain the minimum capital required by law.

“The revocation of the licences is part of the bank’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 statement read.

The apex bank further assured the public that it remained committed to promoting a safe, sound and resilient financial system, adding that it would continue to take necessary supervisory and regulatory actions to maintain confidence in Nigeria’s financial sector.

“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,” it added.

The affected microfinance banks 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 (Akwa Ibom/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).

The latest action comes as CBN continues to tighten supervision across the financial system, particularly among smaller operators whose failure could expose depositors and weaken confidence in grassroots banking. Microfinance banks play a critical role in extending credit to small businesses, traders and low-income earners, but the sector has repeatedly faced concerns over weak capital, poor governance, inactive licences and non-compliance with regulatory standards.