CBN revokes licences of 46 microfinance banks, full list released
By Aboki Forex —
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country. The apex bank cited persistent regulatory breaches and failure to meet minimum requirements for continued operation.
The revocation takes effect from July 1, 2026. It follows the approval of CBN Governor Olayemi Cardoso under the Banks and Other Financial Institutions Act 2020.
The CBN said the affected banks failed to satisfy key regulatory conditions. Infractions include insufficient assets to meet liabilities, closure of operations without CBN approval, inactivity, failure to start operations within 12 months of receiving a licence, and failure to maintain minimum capital requirements.
The regulator said the move is part of broader efforts to strengthen the financial system and safeguard depositors' funds. The CBN remains committed to promoting a safe and resilient banking industry.
The announcement was signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali.
Here is the list of affected banks: Minji-Se Churchill MFB (Rivers), Merchant MFB (Abia), Janmaa MFB (Kwara), Busu MFB (Niger), Gold MFB (Lagos), Zain MFB (formerly Dawakin Tofa MFB, Kano), Bompai MFB (Kano), Ajwa MFB (formerly Gezawa MFB, Kano), NOW NOW Digital MFB (Kano), and Crystabel MFB.