CBN Cracks Down, Revokes 46 MFB Licences

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country over their failure to comply with mandatory regulatory requirements.

The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, noting that the revocation took effect from July 1, 2026.
According to the CBN, the action was taken in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The revocation was approved by the CBN Governor, Olayemi Cardoso, as part of efforts to protect depositors’ funds, strengthen the stability of the financial system, and ensure strict compliance with banking regulations.
The apex bank said the affected institutions were found wanting in several key areas, including insufficient assets to meet liabilities, shutting down operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and inability to maintain the required minimum capital unimpaired by losses.
The CBN stressed that the revocation forms part of its ongoing commitment to safeguarding the financial sector, protecting depositors, and ensuring that all licensed institutions operate in compliance with existing laws and regulatory standards.
It reaffirmed its commitment to maintaining a resilient financial system, adding that it would continue to take necessary supervisory actions to sustain public confidence in the banking industry.
The affected institutions are:
Minji-Se Churchill MFB (Tier 1), Rivers
Merchant MFB (Tier 2), Abia
Janmaa MFB (Tier 1), Kwara
Busu MFB (Tier 2), Niger
Gold MFB (Tier 1), Lagos
Zain MFB (formerly Dawakin Tofa MFB), Tier 2, Kano
Bompai MFB (Tier 1), Kano
Ajwa MFB (Tier 2), Kano
Now Now Digital MFB (Tier 2), Kano
Crystabel Microfinance Bank (Tier 1), Bayelsa
Chanelle MFB (State-based), Lagos
Abia SME MFB (Tier 1), Abia
Kamba MFB (Tier 2), Kebbi
Iwade MFB (Tier 2), Ogun
Winview MFB (Tier 1), Abuja
Zuru MFB (Tier 2), Kebbi
Minjibir MFB (Tier 1), Kano
Shanono MFB (Tier 2), Kano
Sumaila MFB (Tier 2), Kano
Rimin Gado MFB (Tier 2), Kano
Mwaghavul MFB (State-based), Plateau
Sycamore MFB (Tier 2), Kano
TOFA MFB (Tier 2), Kano
Safegate MFB (Tier 1), Lagos
Creekline MFB (Tier 2), Delta
Bestar MFB (Tier 1), Oyo
Livingspring MFB (Tier 1), Cross River
Apple MFB (Tier 2), Ogun
Stanford MFB (State-based), Uyo
Frontline MFB (Tier 2), Anambra
Zafec MFB (Tier 2), Kaduna
Supreme MFB (Tier 1), Lagos
Bejin-Doko MFB (Tier 2), Niger
Kanopoly MFB (Tier 1), Kano
Bellbank MFB (formerly Tsanyawa MFB), Tier 2, Kano
Yeneng MFB (Tier 2), Plateau
Creditville MFB (Tier 1), Lagos
MBAG MFB (Tier 1), Lagos
Straight Sahara MFB (Tier 1), Benue
Our Pass MFB (Tier 2), Ondo
VERDANT MFB (Tier 1), Lagos
Basawa MFB (Tier 2), Kaduna
Casha MFB (Tier 2), Abuja
Esteem MFB (Tier 2), Kano
Enterpreneur MFB (Tier 1), Lagos
Avantus MFB (Tier 2), Osun
The development follows the CBN’s March 2024 banking recapitalisation directive, which raised the minimum capital requirements for banks and set March 31, 2026, as the compliance deadline.
The regulator disclosed that, as of March 6, 2026, 30 banks had successfully met the revised capital requirements.