The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs) across the country over persistent regulatory infractions and failure to comply with the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The revocation, which takes immediate effect, was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and announced in a statement issued on Tuesday by the Acting Director of Corporate Communications, Hakama Sidi-Ali.
According to the apex bank, the affected institutions failed to meet the minimum regulatory requirements necessary to continue operating as licensed financial institutions. The CBN said the action forms part of its ongoing efforts to strengthen Nigeria’s financial system, safeguard depositors’ funds, and ensure that only sound and compliant financial institutions remain in operation.
The regulator stressed that the decision was taken in line with its statutory mandate to promote financial stability, maintain public confidence in the banking sector, and protect the interests of customers.
The CBN noted that the revocation followed extensive supervisory engagements with the affected banks, which were given opportunities to address identified deficiencies but failed to meet the required standards.
The apex bank urged customers of the affected microfinance banks to remain calm, assuring them that appropriate measures would be put in place in collaboration with relevant agencies to protect depositors in accordance with existing laws.
The latest move underscores the CBN’s resolve to enforce strict regulatory compliance and sanitize the financial sector as part of broader reforms aimed at promoting a stable, transparent and resilient banking industry.
List of Revoked Microfinance Banks:
- Minji-Se Churchill MFB
- Merchant MFB
- Janmaa MFB
- Busu MFB
- Gold MFB
- Zain MFB (formerly Dawakin Tofa MFB)
- Bompai MFB
- Ajwa MFB (Formerly Gezawa)
- 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 (formerly Tsanyawa)
- Yeneng MFB
- Creditville MFB
- MBAG MFB
- STRAIGHT SAHARA MFB
- OURPASS MFB
- VERDANT MFB
- BASAWA MFB
- CASHA MFB
- ESTEEM MFB
- ENTREPRENEUR MFB
- AVANTUS MFB