The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, effective immediately.
The decision was announced Wednesday in a notice signed by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications Department at the CBN.
According to the apex bank, the licences were withdrawn under Sections 12 and 13 of the Banks and Other Financial Institutions Act 2020. The CBN cited multiple regulatory breaches, including insufficient assets to cover liabilities, closure of operations without approval, prolonged inactivity, and failure to commence business within 12 months of licensing. Some institutions also failed to maintain minimum capital funds unimpaired by losses.
The CBN said the move is part of ongoing efforts to protect depositors, enforce compliance with banking laws, and ensure the stability of Nigeria’s financial system. It assured the public that it remains committed to a safe and resilient financial sector and will continue to take supervisory actions to maintain public confidence.
The closures cut across several states. Among the 46 affected institutions are: Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB formerly Dawakin Tofa MFB, Bompai MFB, NOW NOW DIGITAL MFB, Ajwa MFB formerly Gezawa, Crystabel MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, TOFA MFB, Safegate MFB, and Chanelle MFB.
Others include Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru 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, and Yeneng MFB.
Also shut down are Creditville MFB, MBAG MFB, STRAIGHT SAHARA MFB, OURPASS MFB, VERDANT MFB, BASAWA MFB, CASHA MFB, ESTEEM MFB, ENTREPRENEUR MFB, and AVANTUS MFB.
The CBN said the regulatory action brings an end to their authorised operations across the federation.
