CBN revokes licences of 46 microfinance banks, cites insolvency, inactivity
CBN Building
Abdullateef Fowewe
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks effective July 1, 2026.
A statement obtained from CBN and signed by the Acting Director of the CBN’s Corporate Communications Department, Sidi‑Ali Hakama, revealed that the action was necessary to protect depositors and preserve the stability of the financial system.
“CBN revokes licences of 46 Microfinance Banks,” the statement begins.
The revocation, approved by Governor Olayemi Cardoso, was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, after the affected institutions failed to meet regulatory requirements for continued operation.
The central bank said the order followed one or more of several triggers, 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, and failure to maintain the minimum capital unimpaired by losses.
The CBN added that it will continue to take “appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system.”
Affected banks span multiple states and tiers of microfinance licensing.
Among those whose licences were revoked are Gold MFB (Tier 1, Lagos), Minji‑Se Churchill MFB (Tier 1, Rivers), Merchant MFB (Tier 2, Abia), Crystabel Microfinance Bank (Tier 1, Bayelsa) and Winview MFB (Tier 1, Abuja).
Several Kano‑based institutions feature on the list, including Bompai MFB (Tier 1), Ajwa MFB (formerly Gezawa, Tier 2), NOW NOW DIGITAL MFB (Tier 2), Minjibir MFB (Tier 1) and multiple Tier 2 operators cited for inactivity or capital shortfalls.
Other named institutions include Safegate MFB, Supreme MFB, Creditville MFB, MBAG MFB and ENTREPRENEUR MFB (all Tier 1, Lagos), Creekline MFB (Delta, Tier 2), Bestar MFB (Tier 1, Oyo), Livingspring MFB (Cross River, Tier 1), Apple MFB (Ogun, Tier 2) and TOFA MFB (Kano, Tier 2).
The full list of 46 revoked licences was provided by the CBN and covers both state‑limited and national microfinance operators across Kaduna, Plateau, Kebbi, Niger, Osun, Ondo, Anambra, and other states.
The revocations form part of the CBN’s ongoing supervision to ensure licensed institutions comply with current laws and regulatory requirements.
The central bank said depositors’ interests remain a priority and that it will manage the supervisory aftermath to safeguard customers and the broader financial system.
