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The Central Bank of Nigeria (CBN) announced on Wednesday the revocation of the operating licenses of 46 microfinance banks, with effect from 1 July 2026.

The apex bank regulator said the withdrawal of the licences was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. 

According to the revocation order, the action became necessary because of one or more of the circumstances faced by the banks, including insufficient assets to meet liabilities, closure of operations without the CBN’s approval, and inactivity and cessation of financial intermediation. Other reasons include failure to commence operations within 12 months of licence approval and failure to maintain minimum capital funds unimpaired by losses. 

CBN said the revocation of the licences is part of its ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure licensed institutions comply with current laws and regulatory requirements.

Following the announcement, the Nigeria Deposit Insurance Corporation (NDIC) said it has been appointed as the official liquidator of the banks, pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023. 

“It is in this capacity that the Corporation wishes to inform the depositors of the banks in particular and the general public in general that the affected institutions are no longer authorised to conduct banking business in Nigeria,” said the NDIC. “Consequently, members of the public are strongly advised against any unauthorised transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.”

NDIC said it has commenced the process of the orderly closure of the failed banks, including their immediate takeover, verification and payment of insured sums to eligible depositors.

Both the CBN and the NDIC provided the list of the 46 affected microfinance banks, as listed below:

S/N    MFB     CATEGORY    STATE 
1     Minji-Se Churchill MFB     Tier 1     Rivers 
2     Merchant MFB     Tier 2     Abia 
3     Janmaa MFB     Tier 1     Kwara 
4     Busu MFB     Tier 2     Niger 
5     Gold MFB     Tier 1     Lagos 
6     Zain MFB (formerly Dawakin Tofa MFB)     Tier 2     Kano 
7     Bompai MFB     Tier 1     Kano 
8     Ajwa MFB (Formerly Gezawa)     Tier 2     Kano 
9     Now Now Digital MFB     Tier 2     Kano 
10     Crystabel Microfinance Bank     Tier 1     Bayelsa 
11     Chanelle MFB     State     Lagos 
12     Abia SME MFB     Tier 1     Abia 
13     Kamba MFB     Tier 2     Kebbi 
14     Iwade MFB     Tier 2     Ogun 
15     Winview MFB     Tier 1     Abuja 
16     Zuru MFB     Tier 2     Kebbi 
17     Minjibir MFB     Tier 1      Kano 
18     Shanono MFB     Tier 2     Kano 
19     Sumaila MFB     Tier 2     Kano 
20     Rimin Gado MFB     Tier 2     Kano 
21     Mwaghavul MFB     State     Plateau 
22     Sycamore MFB     Tier 2     Kano 
23     TOFA MFB     Tier 2     Kano 
24     Safegate MFB     Tier 1     Lagos 
25     Creekline MFB     Delta     Tier 2 
26     Bestar MFB     Tier 1     Oyo 
27     Livingspring MFB     Tier 1     Cross River 
28     Apple MFB     Tier 2     Ogun 
29     Stanford MFB     State     Uyo 
30     Frontline MFB     Tier 2     Anambra 
31     Zafec MFB     Tier 2     Kaduna 
32     Supreme MFB     Tier 1     Lagos 
33     Bejin-Doko MFB     Tier 2     Niger 
34     Kanopoly MFB     Tier 1     Kano 
35     Bellbank MFB formerly Tsanyawa     Tier 2     Kano 
36     Yeneng MFB     Tier 2     Plateau 
37     Creditville MFB     Tier 1     Lagos 
38     Mbag MFB     Tier 1     Lagos  
39     Straight Sahara MFB     Tier 1     Benue 
40     Ourpass MFB     Tier 2     Ondo 
41     Verdant MFB     Tier 1     Lagos 
42     Basawa MFB     Tier 2     Kaduna 
43     Casha MFB     Tier 2     Abuja 
44     Esteem MFB     Tier 2     Kano 
45     Enterpreneur MFB     Tier 1     Lagos 
46     Avantus MFB     Tier 2     Osun