CBN Cracks Down on 46 Microfinance Banks, Revokes Operating Licences Nationwide (Full List)

 

ABUJA, Nigeria – July 1, 2026 – The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country with immediate effect, citing persistent violations of regulatory requirements.

The apex bank said the action, which took effect on July 1, 2026, was carried out under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, following the approval of the CBN Governor, Mr. Olayemi Cardoso.

According to the CBN, the affected banks failed to meet conditions necessary for continued operation as licensed financial institutions. The reasons for the licence revocations include:

Insufficient assets to meet liabilities;

Closure of operations without CBN approval;

Inactivity and cessation of financial intermediation;

Failure to commence operations within 12 months of licence approval; and

Failure to maintain the minimum capital requirements. 

The CBN stated that the move is part of its ongoing efforts to strengthen the Nigerian financial system, protect depositors, and ensure compliance with banking regulations.

"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 statement read. 

Among the affected institutions are Gold MFB (Lagos), Creditville MFB (Lagos), Merchant MFB (Abia), Winview MFB (Abuja), Safegate MFB (Lagos), Supreme MFB (Lagos), OURPASS MFB (Ondo), and AVANTUS MFB (Osun), alongside several others spread across different states. 

The press statement was signed by Mrs. Hakama Sidi-Ali, Acting Director of the Corporate Communications Department of the Central Bank of Nigeria, on July 1, 2026.

Below is the complete list of the 46 Microfinance Banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), effective July 1, 2026.

Full List of the 46 Microfinance Banks Whose Licences Were Revoked by the CBN

Minji-Se Churchill MFB – Rivers (Tier 1)

Merchant MFB – Abia (Tier 2)

Janmaa MFB – Kwara (Tier 1)

Busu MFB – Niger (Tier 2)

Gold MFB – Lagos (Tier 1)

Zain MFB (formerly Dawakin Tofa MFB) – Kano (Tier 2)

Bompai MFB – Kano (Tier 1)

Ajwa MFB (formerly Gezawa MFB) – Kano (Tier 2)

NOW NOW DIGITAL MFB – Kano (Tier 2)

Crystabel Microfinance Bank – Bayelsa (Tier 1)

Chanelle MFB – Lagos (State)

Abia SME MFB – Abia (Tier 1)

Kamba MFB – Kebbi (Tier 2)

Iwade MFB – Ogun (Tier 2)

Winview MFB – Abuja (Tier 1)

Zuru MFB – Kebbi (Tier 2)

Minjibir MFB – Kano (Tier 1)

Shanono MFB – Kano (Tier 2)

Sumaila MFB – Kano (Tier 2)

Rimin Gado MFB – Kano (Tier 2)

Mwaghavul MFB – Plateau (State)

Sycamore MFB – Kano (Tier 2)

TOFA MFB – Kano (Tier 2)

Safegate MFB – Lagos (Tier 1)

Creekline MFB – Delta (Tier 2)

Bestar MFB – Oyo (Tier 1)

Livingspring MFB – Cross River (Tier 1)

Apple MFB – Ogun (Tier 2)

Stanford MFB – Uyo (State)

Frontline MFB – Anambra (Tier 2)

Zafec MFB – Kaduna (Tier 2)

Supreme MFB – Lagos (Tier 1)

Bejin-Doko MFB – Niger (Tier 2)

Kanopoly MFB – Kano (Tier 1)

Bellbank MFB (formerly Tsanyawa MFB) – Kano (Tier 2)

Yeneng MFB – Plateau (Tier 2)

Creditville MFB – Lagos (Tier 1)

MBAG MFB – Lagos (Tier 1)

STRAIGHT SAHARA MFB – Benue (Tier 1)

OURPASS MFB – Ondo (Tier 2)

VERDANT MFB – Lagos (Tier 1)

BASAWA MFB – Kaduna (Tier 2)

CASHA MFB – Abuja (Tier 2)

ESTEEM MFB – Kano (Tier 2)

ENTERPRENEUR MFB – Lagos (Tier 1)

AVANTUS MFB – Osun (Tier 2).