CBN Shuts Down 46 Microfinance Banks Over Regulatory Breaches
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks nationwide for failing to meet regulatory requirements, in one of its biggest clean-up exercises this year.
The apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The action was approved by CBN Governor, Olayemi Cardoso.
—Why the licences were withdrawn–
According to the CBN, the banks were found to have committed one or more infractions, including:
– Insufficient assets to meet liabilities
– Closure of operations without CBN approval
– Prolonged inactivity and cessation of financial intermediation
– Failure to commence operations within 12 months of licence approval
– Inability to maintain minimum capital requirements
The CBN said the move is part of ongoing efforts to “strengthen the financial system, protect depositors and ensure licensed institutions comply with existing laws and regulatory guidelines.” It reaffirmed its commitment to a “safe, sound and resilient banking sector.”
—FULL LIST OF AFFECTED MICROFINANCE BANKS–
–Rivers, Abia, Kwara, Niger, Lagos, Kano–
1. Minji-Se Churchill MFB – Rivers
2. Merchant MFB – Abia
3. Janmaa MFB – Kwara
4. Busu MFB – Niger
5. Gold MFB – Lagos
6. Zain MFB (formerly Dawakin Tofa MFB) – Kano
7. Bompai MFB – Kano
8. Ajwa MFB (formerly Gezawa MFB) – Kano
9. NOW Digital MFB – Kano
–Bayelsa, Lagos, Abia, Kebbi, Ogun, FCT–
10. Crystabel Microfinance Bank – Bayelsa
11. Chanelle MFB – Lagos
12. Abia SME MFB – Abia
13. Kamba MFB – Kebbi
14. Iwade MFB – Ogun
15. Winview MFB – Abuja
16. Zuru MFB – Kebbi
–Kano Cluster–
17. Minjibir MFB – Kano
18. Shanono MFB – Kano
19. Sumaila MFB – Kano
20. Rimin Gado MFB – Kano
21. Sycamore MFB – Kano
22. Tofa MFB – Kano
23. Kanopoly MFB – Kano
24. Bellbank MFB (formerly Tsanyawa MFB) – Kano
25. Esteem MFB – Kano
–Plateau, Lagos, Delta, Oyo, Cross River–
26. Mwaghavul MFB – Plateau
27. Safegate MFB – Lagos
28. Creekline MFB – Delta
29. Bestar MFB – Oyo
30. Livingspring MFB – Cross River
–Ogun, Akwa Ibom, Anambra, Kaduna, Lagos, Niger–
31. Apple MFB – Ogun
32. Stanford MFB – Akwa Ibom/Uyo
33. Frontline MFB – Anambra
34. Zafec MFB – Kaduna
35. Supreme MFB – Lagos
36. Bejin-Doko MFB – Niger
–Plateau, Lagos, Benue, Ondo, Lagos–
37. Yeneng MFB – Plateau
38. Creditville MFB – Lagos
39. MBAG MFB – Lagos
40. Straight Sahara MFB – Benue
41. OurPass MFB – Ondo
42. Verdant MFB – Lagos
–Kaduna, Abuja, Lagos, Osun–
43. Basawa MFB – Kaduna
44. Casha MFB – Abuja
45. Entrepreneur MFB – Lagos
46. Avantus MFB – Osun
Depositors and stakeholders of the affected banks are advised to contact the CBN and the Nigeria Deposit Insurance Corporation (NDIC) for further guidance on claims and liquidation processes.
