The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, effectively shutting down their operations from Tuesday, July 1, 2026.
The latest regulatory action is part of the apex bank’s ongoing efforts to strengthen the nation’s financial system and sanitise the microfinance banking sector.
The affected institutions include both conventional and digital microfinance banks spread across different states of the federation.
Among the banks whose licences have been withdrawn are Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Busu Microfinance Bank, Gold Microfinance Bank, Zain Microfinance Bank (formerly Dawakin Tofa MFB), Bompai Microfinance Bank, Ajwa Microfinance Bank (formerly Gezawa MFB), NOW NOW Digital Microfinance Bank, Crystabel Microfinance Bank and Chanelle Microfinance Bank.
Others are Abia SME Microfinance Bank, Kamba Microfinance Bank, Iwade Microfinance Bank, Winview Microfinance Bank, Zuru Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Mwaghavul Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Safegate Microfinance Bank, Creekline Microfinance Bank and Bestar Microfinance Bank.
The list also includes Livingspring Microfinance Bank, Apple Microfinance Bank, Stanford Microfinance Bank, Frontline Microfinance Bank, Zafec Microfinance Bank, Supreme Microfinance Bank, Bejin-Doko Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank (formerly Tsanyawa MFB), Yeneng Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Straight Sahara Microfinance Bank, OurPass Microfinance Bank, Verdant Microfinance Bank, Basawa Microfinance Bank, Casha Microfinance Bank, Esteem Microfinance Bank, Entrepreneur Microfinance Bank and Avantus Microfinance Bank.
The revocation takes effect from July 1, 2026, meaning the affected institutions are no longer authorised to operate as licensed microfinance banks in Nigeria.
The CBN has yet to issue a detailed public explanation for the mass licence withdrawal, but the action underscores the regulator’s commitment to enforcing compliance with banking regulations and maintaining stability in the country’s financial sector.
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