As we reported earlier this afternoon, the Central Bank of Nigeria (CBN) this Wednesday, July 1, 2026, revoked the operating licenses of forty-six (46) Microfinance Banks with immediate effect. This, it said in a statement signed by Sidi-Ali, Hakama (Mrs) Ag. Director, Corporate Communications Department, is in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The revocation, according to the statement, was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.

According to the revocation order, the action became necessary because of one or more of the following circumstances: Insufficient assets to meet liabilities; Closure of operations without the CBN approval; Inactivity and cessation of financial intermediation; Failure to commence operations within 12 months of licence approval, and Failure to maintain minimum capital funds unimpaired by losses.

Here is the full list of affected MFBs:

1 Minji-Se Churchill MFB Tier 1 Rivers

2 Merchant MFB Tier 2 Abia

3 Janmaa MFB Tier 1 Kwara

4 Busu MFB Tier 2 Niger

5 Gold MFB Tier 1 Lagos

6 Zain MFB (foremerly

Dawakin Tofa MFB) Tier 2 Kano

7 Bompai MFB Tier 1 Kano

8 Ajwa MFB (Formerly Gezawa) Tier 2 Kano

9 NOW NOW DIGITAL MFB Tier 2 Kano

10 Crystabel Microfinance Bank Tier 1 Bayelsa

11 Chanelle MFB State Lagos

12 Abia SME MFB Tier 1 Abia

13 Kamba MFB Tier 2 Kebbi

14 Iwade MFB Tier 2 Ogun

15 Winview MFB Tier 1 Abuja

16 Zuru MFB Tier 2 Kebbi

17 Minjibir MFB Tier 1 Kano

18 Shanono MFB Tier 2 Kano

19 Sumaila MFB Tier 2 Kano

20 Rimin Gado MFB Tier 2 Kano

21 Mwaghavul MFB State Plateau

22 Sycamore MFB Tier 2 Kano

23 TOFA MFB Tier 2 Kano

24 Safegate MFB Tier 1 Lagos

25 Creekline MFB Delta Tier 2

26 Bestar MFB Tier 1 Oyo

27 Livingspring MFB Tier 1 Cross River

28 Apple MFB Tier 2 Ogun

29 Stanford MFB State Uyo

30 Frontline MFB Tier 2 Anambra

31 Zafec MFB Tier 2 Kaduna

32 Supreme MFB Tier 1 Lagos

33 Bejin-Doko MFB Tier 2 Niger

34 Kanopoly MFB Tier 1 Kano

35 Bellbank MFB formerly Tsanyawa Tier 2 Kano

36 Yeneng MFB Tier 2 Plateau

37 Creditville MFB Tier 1 Lagos

38 MBAG MFB Tier 1 Lagos

39 STRAIGHT SAHARA MFB Tier 1 Benue

40 OURPASS MFB Tier 2 Ondo

41 VERDANT MFB Tier 1 Lagos

42 BASAWA MFB Tier 2 Kaduna

43 CASHA MFB Tier 2 Abuja

44 ESTEEM MFB Tier 2 Kano

45 ENTERPRENEUR MFB Tier 1 Lagos

46 AVANTUS MFB Tier 2 Osun

Update news