The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks in one of the biggest regulatory crackdowns on the sector in recent years.
The decision, which takes effect from July 1, 2026, was approved by CBN Governor Olayemi Cardoso and published in the Federal Government Gazette.
According to the apex bank, the affected financial institutions failed to meet the minimum regulatory standards required to continue operating as licensed microfinance banks.
The CBN said the licences were withdrawn for several reasons, including:
- Failure to maintain the required minimum capital.
- Insolvency, where assets could no longer cover liabilities.
- Ceasing banking operations without regulatory approval.
- Remaining inactive for prolonged periods.
- Failing to commence operations within the stipulated period after obtaining a licence.
The action was taken under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empowers the CBN to revoke licences of banks that no longer meet operational and prudential requirements.
The regulator said the move is aimed at strengthening Nigeria’s financial system, protecting depositors and ensuring that only financially healthy institutions remain in operation.
Several well-known names made the list, including Creditville Microfinance Bank, NOW NOW Digital Microfinance Bank, Sycamore Microfinance Bank, Seedvest Microfinance Bank, OurPass Microfinance Bank, Frontline Microfinance Bank and Verdant Microfinance Bank.
Customers of the affected banks are expected to receive further guidance from the Nigeria Deposit Insurance Corporation (NDIC) regarding insured deposits, liquidation processes and other next steps.
Full List Of The 46 Microfinance Banks Affected
| S/N | Bank | State |
|---|---|---|
| 1 | Minji-Se Churchill MFB | Rivers |
| 2 | Merchant MFB | Abia |
| 3 | Janmaa MFB | Kwara |
| 4 | Busu MFB | Niger |
| 5 | Gold MFB | Lagos |
| 6 | Zain MFB | Kano |
| 7 | Bompai MFB | Kano |
| 8 | Ajwa MFB | Kano |
| 9 | NOW NOW Digital MFB | Kano |
| 10 | Crystabel MFB | Bayelsa |
| 11 | Chanelle MFB | Lagos |
| 12 | Abia SME MFB | Abia |
| 13 | Kamba MFB | Kebbi |
| 14 | Iwade MFB | Ogun |
| 15 | Winview MFB | FCT |
| 16 | Zuru MFB | Kebbi |
| 17 | Minjibir MFB | Kano |
| 18 | Shanono MFB | Kano |
| 19 | Sumaila MFB | Kano |
| 20 | Rimin Gado MFB | Kano |
| 21 | Mwaghavul MFB | Plateau |
| 22 | Creditville MFB | Lagos |
| 23 | Tofa MFB | Kano |
| 24 | Safegate MFB | Lagos |
| 25 | Creekline MFB | Delta |
| 26 | Bestar MFB | Oyo |
| 27 | Livingspring MFB | Cross River |
| 28 | Apple MFB | Ogun |
| 29 | AINA MFB | Benue |
| 30 | Oluyole MFB | Oyo |
| 31 | IPOLE-ILORIN MFB | Kwara |
| 32 | OKE-ARO OREDEGBE MFB | Ogun |
| 33 | UBAKASON MFB | Anambra |
| 34 | NUT ENDWELL MFB | FCT |
| 35 | Sycamore MFB | Lagos |
| 36 | Frontline MFB | Lagos |
| 37 | OurPass MFB | Lagos |
| 38 | Umuchukwu MFB | Anambra |
| 39 | Verdant MFB | Lagos |
| 40 | Adeyemi College Staff MFB | Ondo |
| 41 | Seedvest MFB | FCT |
| 42 | Basawa MFB | Kaduna |
| 43 | Casha MFB | FCT |
| 44 | Esteem MFB | Kano |
| 45 | Entrepreneur MFB | Lagos |
| 46 | Avantus MFB | Osun |
What Happens Next?
The revocation does not automatically mean depositors have lost their money. The NDIC is expected to oversee the liquidation of the affected institutions and begin the process of paying insured deposits in line with existing regulations. Customers with funds in any of the listed banks are advised to watch for official announcements from the CBN and NDIC on claims and repayment procedures.
The latest action signals the CBN’s determination to enforce stricter compliance across Nigeria’s financial sector as it continues efforts to improve stability, transparency and public confidence in the country’s banking system.
