CBN Shuts Down 46 Microfinance Banks — Full List of Affected Banks

46 microfinance banks (MFBs) have had their operating licences revoked by the Central Bank of Nigeria (CBN) due to noncompliance with regulations.

According to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, the revocation became effective on July 1, 2026, according to a statement released on Wednesday by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali.

The CBN stated that Olayemi Cardoso, the country’s governor, approved the decision as part of larger initiatives to improve the stability of the financial system, protect depositor funds, and enforce adherence to current laws.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.”

“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 apex bank further reaffirmed its commitment to maintaining a safe, sound, and resilient financial system, noting that it will continue to take necessary supervisory and regulatory measures to sustain public confidence in Nigeria’s financial sector.

CBN Licence Revocation: See Full List Of Affected Microfinance Banks
Below is a full list of the microfinance banks with their operating licences revoked:

1. Minji-Se Churchill MFB (tier 1) in Rivers
2. Merchant MFB (tier 2) in Abia
3. Janmaa MFB (tier 1) in Kwara
4. Busu MFB (tier 2) in Niger
5. Gold MFB (tier 1) in Lagos
6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano
7. Bompai MFB (tier 1) in Kano
8. Ajwa MFB (tier 2) in Kano9. Now Now Digital MFB (tier 2) in Kano
9. Crystabel Microfinance Bank (tier 1) in Bayelsa
10. Chanelle MFB (state-based) in Lagos
11. Abia SME MFB (tier 1) in Abia
12. Kamba MFB (tier 2) in Kebbi
13. Iwade MFB (tier 2) in Ogun
14. Winview MFB (tier 1) in Abuja
15. Zuru MFB (tier 2) in Kebbi
16. Minjibir MFB (tier 1) in Kano
17. Shanono MFB (tier 2) in Kano
18. Sumaila MFB (tier 2) in Kano
19. Rimin Gado MFB (tier 2) in Kano
20. Mwaghavul MFB (state-based) in Plateau
21. Sycamore MFB (tier 2) Kano
22. TOFA MFB (tier 2) in Kano
23. Safegate MFB (tier 1) in Lagos
24. Creekline MFB (tier 2) in Delta
25. Bestar MFB (tier 1) in Oyo
26. Livingspring MFB (tier 1) in Cross River
27. Apple MFB (tier 2) in Ogun
28. Stanford MFB (state-based) in Uyo
29. Frontline MFB (tier 2) in Anambra
30. Zafec MFB (tier 2) in Kaduna
31. Supreme MFB (tier 1) in Lagos
32. Bejin-Doko MFB (tier 2) in Niger
33. Kanopoly MFB (tier 1) in Kano
34. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano
35. Yeneng MFB (tier 2) in Plateau
36. Creditville MFB (tier 1) in Lagos
37. MBAG MFB (tier 1) in Lagos
38. Straight Sahara MFB (tier 1) in Benue
39. Our Pass MFB (tier 2) in Ondo
40. VERDANT MFB (tier 1) in Lagos
41. Basawa MFB (tier 2) in Kaduna
42. Casha MFB (tier 2) in Abuja
43. Esteem MFB (tier 2) in Kano
44. Enterpreneur MFB (tier 1) in Lagos
45. Avantus MFB (tier 2) in Osun

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