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    The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks in a fresh regulatory move aimed at strengthening oversight of the country’s financial sector.

    The decision, which became effective on July 1, 2026, was announced in a statement signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali.

    The apex bank said the action was taken under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020, following the approval of CBN Governor Olayemi Cardoso.

    Why the licences were revoked

    According to the CBN, investigations showed that the affected institutions failed to satisfy key conditions required to retain their operating licences.

    The regulator explained that some of the banks no longer had enough assets to cover their financial obligations, while others stopped operating or abandoned financial services without obtaining regulatory approval.

    It also noted that some institutions failed to begin operations within one year of receiving their licences, while others did not maintain the minimum capital required by law.

    The apex bank said the enforcement action is part of its commitment to ensuring that only financially sound and properly managed institutions remain in Nigeria’s banking industry.

    It added that protecting depositors and preserving confidence in the financial system remain top priorities.

    The CBN reaffirmed that it will continue to monitor licensed financial institutions and will not hesitate to impose sanctions where operators fail to comply with existing regulations.

    Full list of affected microfinance banks

    1. Minji-Se Churchill MFB (Tier 1) – Rivers State

    2. Merchant MFB (Tier 2) – Abia State

    3. Janmaa MFB (Tier 1) – Kwara State

    4. Busu MFB (Tier 2) – Niger State

    5. Gold MFB (Tier 1) – Lagos State

    6. Zain MFB (formerly Dawakin Tofa MFB) (Tier 2) – Kano State

    7. Bompai MFB (Tier 1) – Kano State

    8. Ajwa MFB (Tier 2) – Kano State

    9. Now Now Digital MFB (Tier 2) – Kano State

    10. Crystabel Microfinance Bank (Tier 1) – Bayelsa State

    11. Chanelle MFB (State-based) – Lagos State

    12. Abia SME MFB (Tier 1) – Abia State

    13. Kamba MFB (Tier 2) – Kebbi State

    14. Iwade MFB (Tier 2) – Ogun State

    15. Winview MFB (Tier 1) – Abuja (FCT)

    16. Zuru MFB (Tier 2) – Kebbi State

    17. Minjibir MFB (Tier 1) – Kano State

    18. Shanono MFB (Tier 2) – Kano State

    19. Sumaila MFB (Tier 2) – Kano State

    20. Rimin Gado MFB (Tier 2) – Kano State

    21. Mwaghavul MFB (State-based) – Plateau State

    22. Sycamore MFB (Tier 2) – Kano State

    23. TOFA MFB (Tier 2) – Kano State

    24. Safegate MFB (Tier 1) – Lagos State

    25. Creekline MFB (Tier 2) – Delta State

    26. Bestar MFB (Tier 1) – Oyo State

    27. Livingspring MFB (Tier 1) – Cross River State

    28. Apple MFB (Tier 2) – Ogun State

    29. Stanford MFB (State-based) – Uyo, Akwa Ibom State

    30. Frontline MFB (Tier 2) – Anambra State

    31. Zafec MFB (Tier 2) – Kaduna State

    32. Supreme MFB (Tier 1) – Lagos State

    33. Bejin-Doko MFB (Tier 2) – Niger State

    34. Kanopoly MFB (Tier 1) – Kano State

    35. Bellbank MFB (formerly Tsanyawa MFB) (Tier 2) – Kano State

    36. Yeneng MFB (Tier 2) – Plateau State

    37. Creditville MFB (Tier 1) – Lagos State

    38. MBAG MFB (Tier 1) – Lagos State

    39. Straight Sahara MFB (Tier 1) – Benue State

    40. Our Pass MFB (Tier 2) – Ondo State

    41. VERDANT MFB (Tier 1) – Lagos State

    42. Basawa MFB (Tier 2) – Kaduna State

    43. Casha MFB (Tier 2) – Abuja (FCT)

    44. Esteem MFB (Tier 2) – Kano State

    45. Enterpreneur MFB (Tier 1) – Lagos State

    46. Avantus MFB (Tier 2) – Osun State

    Recapitalisation exercise continues

    The licence withdrawals come months after the CBN intensified its banking sector recapitalisation programme.

    In March 2024, the regulator introduced higher minimum capital requirements for banks and fixed March 31, 2026, as the compliance deadline.

    By March 6, 2026, the CBN announced that 30 banks had successfully met the new capital threshold.

    The latest action signals the regulator’s determination to enforce compliance across the financial sector and ensure that institutions operating in the country remain stable, adequately capitalised and capable of protecting customers’ funds.

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