The Central Bank of Nigeria has cancelled the operating licences of 46 microfinance banks across the country, effective Tuesday, July 1, 2026, as part of efforts to strengthen the financial sector and protect depositors.
The directive was approved by CBN Governor Mr. Olayemi Cardoso. The apex bank said the affected institutions failed to meet basic regulatory requirements needed to function as licensed financial entities.
According to the CBN, the banks were shut down for financial instability, non-compliance, prolonged inactivity, failure to commence operations within 12 months of approval, and capital deficiencies caused by losses. The action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020.
Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, said the decision reflects the CBN’s commitment to building a sound and resilient banking system. She added that the regulator will continue to take necessary supervisory steps to maintain public confidence in the sector.
The 46 banks affected are spread across several states and categories. They include Minji-Se Churchill MFB in Rivers, Merchant MFB in Abia, Janmaa MFB in Kwara, Busu MFB in Niger, Gold MFB in Lagos, Zain MFB formerly Dawakin Tofa MFB in Kano, Bompai MFB and Alwa MFB formerly Gezawa in Kano, NOW DIGITAL MFB in Kano, Crystabel Microfinance Bank in Bayelsa, Cheraville MFB in Lagos, Abia SME MFB in Abia, Kamba MFB and Zuru MFB in Kebbi, Iwade MFB in Ogun, Winview MFB in Abuja, Minjibir MFB, Shanono MFB and Sumaila MFB in Kano, Rimin Gado MFB in Kano, Mwaghavul MFB in Plateau, Sycamore MFB and TOFA MFB in Kano, Safegate MFB in Lagos, Creekline MFB in Delta, Bestar MFB in Oyo, Livingspring MFB in Cross River, Apple MFB in Ogun, Stanford MFB in Oyo, Frontline MFB in Anambra, Zafec MFB in Kaduna, Supreme MFB and Bejin-Doko MFB in Lagos and Niger, Kanopoly MFB and Bellbank MFB formerly Tsanyawa in Kano, Yeneng MFB in Plateau, Creditville MFB and MBAG MFB in Lagos, Straight Sahara MFB in Benue, Ourpass MFB in Ondo, Verdant MFB in Lagos, Basawa MFB in Kaduna, Casha MFB in Abuja, Esteem MFB in Kano, Enterpreneur MFB in Lagos, and Avantus MFB in Osun.
The CBN advised customers and stakeholders to confirm the full list on its official website for accurate and updated information.
