Central Bank of Nigeria, CBN has revoked the operating licences of 46 microfinance banks across the country in a move aimed at strengthening the country’s financial system and protecting depositors.
The apex bank says the revocation, which takes effect from this Wednesday, July 1, 2026, follows the failure of the affected institutions to meet regulatory requirements for continued operations.
In a statement signed by the Acting Director of Corporate Communications, Sidi-Ali Hakama, the CBN says the decision was approved by the Governor, Yemi Cardoso in line with the provisions of the Banks and Other Financial Institutions Act, 2020.
The affected institutions include
Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Gold Microfinance Bank, NOW NOW Digital Microfinance Bank, Crystabel Microfinance Bank, Chanelle Microfinance Bank, Abia SME Microfinance Bank, Winview Microfinance Bank, Safegate Microfinance Bank, Apple Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Entrepreneur Microfinance Bank, Avantus Microfinance Bank, and 31 others spread across Lagos, Kano, Abuja, Rivers, Abia, Ogun, Kebbi, Plateau, Kaduna, Benue, Delta, Oyo, Cross River, Akwa Ibom, Anambra, Ondo and Osun States.
According to the CBN, the banks failed one or more key regulatory conditions, including maintaining adequate capital, meeting financial obligations, commencing operations within the stipulated period, sustaining active financial intermediation, and in some cases, continued operations without regulatory approval.
The apex bank says the revocation is part of ongoing efforts to safeguard financial stability, protect depositors, and ensure that licensed financial institutions comply with existing laws and regulatory standards. It adds that it remains committed to maintaining a safe, sound and resilient financial system through effective supervision and enforcement.
(Editor: Terverr Tyav)
