CBN Revokes Licences of 46 Microfinance Banks
The “Central Bank of Nigeria” has revoked the operating licences of 46 microfinance banks across the country, effective July 1, 2026.
The apex bank said the affected financial institutions failed to meet the regulatory requirements necessary for continued operations in Nigeria’s banking sector.
The move, according to the CBN, is part of ongoing efforts to strengthen the financial system, protect depositors, and ensure compliance with banking regulations among licensed microfinance institutions.
The affected banks include Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Busu Microfinance Bank, Gold Microfinance Bank, Zain Microfinance Bank, Bompai Microfinance Bank, Ajwa Microfinance Bank, NOW NOW Digital Microfinance Bank, and Crystabel Microfinance Bank.
Others are Chanelle Microfinance Bank, Abia SME Microfinance Bank, Kamba Microfinance Bank, Iwade Microfinance Bank, Winview Microfinance Bank, Zuru Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, and Rimin Gado Microfinance Bank.
Also affected are Mwaghavul Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Safegate Microfinance Bank, Creekline Microfinance Bank, Bestar Microfinance Bank, Livingspring Microfinance Bank, Apple Microfinance Bank, Stanford Microfinance Bank, and Frontline Microfinance Bank.
The list further includes Zafec Microfinance Bank, Supreme Microfinance Bank, Bejin-Doko Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank, Yeneng Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Straight Sahara Microfinance Bank, and OurPass Microfinance Bank.
The remaining institutions are Verdant Microfinance Bank, Basawa Microfinance Bank, Casha Microfinance Bank, Esteem Microfinance Bank, Entrepreneur Microfinance Bank, and Avantus Microfinance Bank.
Industry analysts say the revocation underscores the CBN’s commitment to enforcing strict regulatory compliance and maintaining stability within the nation’s financial sector.
Customers and stakeholders of the affected banks have been advised to stay informed and seek clarification through appropriate regulatory channels regarding the implications of the licence revocations.
