The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country over their failure to meet regulatory requirements.
The apex bank disclosed this in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the statement, the revocation took effect from July 1, 2026, and was approved by the CBN Governor, Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act 2020.
The CBN said the affected institutions failed to satisfy conditions necessary for continued operation as licensed financial institutions.
It explained that the licences were withdrawn for reasons including inadequate assets to cover liabilities, cessation of operations without regulatory approval, prolonged inactivity, failure to commence business within 12 months of licence approval, and inability to maintain the minimum capital required by law.
The bank stated that the action formed part of ongoing efforts to strengthen the financial system and protect depositors.
The statement read in part, “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 Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system.”
The affected microfinance banks are Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB, Bompai MFB, Ajwa MFB, NOW NOW Digital MFB, Crystabel Microfinance Bank, Chanelle MFB, Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, Tofa MFB, Safegate MFB, Creekline MFB, Bestar MFB, Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin-Doko MFB, Kanopoly MFB, Bellbank MFB, Yeneng MFB, Creditville MFB, MBAG MFB, Straight Sahara MFB, OurPass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Entrepreneur MFB and Avantus MFB.
The development marks one of the largest single withdrawals of microfinance bank licences in recent years as the regulator intensifies oversight of the financial sector.