Nigeria
Top News Full List: CBN Revokes Operating Licences Of 46 Microfinance Banks
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, following their failure to meet regulatory requirements for continued operation….
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026, following their failure to meet regulatory requirements for continued operation.
The apex bank said the revocation was approved by its Governor, Olayemi Cardoso, in accordance with Sections 12 and 13 of the Banks and Other Financial Institutions Act 2020.
According to the CBN, the affected institutions failed to satisfy the regulatory conditions required to remain licensed financial institutions.
The regulator said the decision was based on one or more factors, including insufficient assets to meet liabilities, closure of operations without its approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving a licence, and failure to maintain the minimum capital required by law.
CBN Revokes Licenses of 46 Micofinance Banks
The CBN said the revocation forms part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors and ensure that licensed institutions comply with existing laws and regulatory requirements.
https://x.com/cenbank/status/2072317083044516256
The affected institutions include Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Gold Microfinance Bank, Now Now Digital Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Entrepreneur Microfinance Bank, Verdant Microfinance Bank, Supreme Microfinance Bank and 37 others spread across several states of the federation.
The apex bank reaffirmed its commitment to promoting a safe, sound and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory actions to maintain public confidence in Nigeria’s banking sector.
See Full List Below…
S/NO
MFB
CATEGORY
STATE
1
Minji-Se Churchill MFB
Tier 1
Rivers
2
Merchant MFB
Tier 2
Abia
3
Janmaa MFB
Tier 1
Kwara
4
Busu MFB
Tier 2
Niger
5
Gold MFB
Tier 1
Lagos
6
Zain MFB (foremerly Dawakin Tofa MFB)
Tier 2
Kano
7
Bompai MFB
Tier 1
Kano
8
Ajwa MFB (Formerly Gezawa)
Tier 2
Kano
9
NOW NOW DIGITAL MFB
Tier 2
Kano
10
Crystabel Microfinance Bank
Tier 1
Bayelsa
11
Chanelle MFB
State
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
Plateau
22
Sycamore MFB
Tier 2
Kano
23
TOFA MFB
Tier 2
Kano
24
Safegate MFB
Tier 1
Lagos
25
Creekline MFB
Delta
Tier 2
26
Bestar MFB
Tier 1
Oyo
27
Livingspring MFB
Tier 1
Cross River
28
Apple MFB
Tier 2
Ogun
29
Stanford MFB
State
Uyo
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
OURPASS 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
ENTERPRENEUR MFB
Tier 1
Lagos
46
AVANTUS MFB
Tier 2
Osun
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