The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, with the decision taking effect from July 1, 2026.

The apex bank announced the development on Wednesday, stating that the affected institutions failed to meet the regulatory requirements for continued operation.

According to the CBN, the revocation was approved by Governor Olayemi Cardoso under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The bank said the affected microfinance institutions committed one or more regulatory violations, making the revocation of their licences necessary.

Among the reasons cited were inadequate assets to meet liabilities, suspension of operations without the CBN's approval, prolonged inactivity, failure to commence business within 12 months of receiving a licence, and failure to maintain the minimum required capital.

The CBN said the move is part of its ongoing regulatory oversight aimed at strengthening Nigeria's financial system and ensuring licensed institutions comply with existing laws and prudential standards.

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

The apex bank added that it will continue to take supervisory and enforcement actions where necessary to maintain public confidence in the country's financial system.

The latest action reflects the CBN's continued focus on strengthening corporate governance, improving risk management, enforcing regulatory compliance, and promoting financial stability across the banking sector.

FULL LIST: 46 MFB licenses revoked by CBN (effective July 1, 2026)

1. Minji-Se Churchill MFB
2. Merchant MFB
3. Janmaa MFB
4. Busu MFB
5. Gold MFB
6. Zain MFB (formerly Dawakin Tofa MFB)
7. Bompai MFB
8. Ajwa MFB (formerly Gezawa MFB)
9. NOW NOW Digital MFB
10. Crystabel Microfinance Bank
11. Chanelle MFB
12. Abia SME MFB
13. Kamba MFB
14. Iwade MFB
15. Winview MFB
16. Zuru MFB
17. Minjibir MFB
18. Shanono MFB
19. Sumaila MFB
20. Rimin Gado MFB
21. Mwaghavul MFB
22. Sycamore MFB
23. TOFA MFB
24. Safegate MFB
25. Creekline MFB
26. Bestar MFB
27. Livingspring MFB
28. Apple MFB
29. Stanford MFB
30. Frontline MFB
31. Zafec MFB
32. Supreme MFB
33. Bejin-Doko MFB
34. Kanopoly MFB
35. Bellbank MFB (formerly Tsanyawa MFB)
36. Yeneng MFB
37. Plateau Creditville MFB
38. Lagos MBAG MFB
39. Straight Sahara MFB
40. OurPass MFB
41. Verdant MFB
42. Basawa MFB
43. Casha MFB
44. Esteem MFB
45. Entrepreneur MFB
46. Avantus MFB