CBN
CBN Revokes Operating Licences Of 46 Microfinance Banks
On July
1, 2026, the Central Bank of Nigeria (CBN) announced the revocation of
operating licences for 46 microfinance banks across the country.
This
decision was taken after the affected institutions failed to meet regulatory
requirements necessary for their continued operation.
The
revocation was approved by the CBN Governor, Olayemi Cardoso, under the
authority of Sections 12 and 13 of the Banks and Other Financial Institutions
Act (BOFIA) 2020.
According to the apex bank, the institutions were found wanting in several critical areas: insufficient assets to meet liabilities, closure of operations without approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licensing, and inability to maintain the minimum capital required by law.
The CBN emphasized that this move is part of its broader effort to safeguard the stability of Nigeria’s financial sector, protect depositors, and ensure compliance with existing laws and regulations. It reaffirmed its commitment to maintaining a safe, sound, and resilient financial system, promising continued supervisory and regulatory actions to uphold public confidence in the banking sector.
Among the
affected banks are Minji-Se Churchill Microfinance Bank, Merchant Microfinance
Bank, Gold Microfinance Bank, Now Now Digital Microfinance Bank, Safegate
Microfinance Bank, Creditville Microfinance Bank, Entrepreneur Microfinance
Bank, Verdant Microfinance Bank, Supreme Microfinance Bank, and many others
spread across different states.
The full
list includes institutions from Lagos, Kano, Rivers, Abia, Niger, Ogun,
Plateau, Kaduna, Osun, and several other states. For example, Minji-Se
Churchill MFB in Rivers, Gold MFB in Lagos, Zain MFB in Kano, Winview MFB in
Abuja, Safegate MFB in Lagos, Supreme MFB in Lagos, and Avantus MFB in Osun
were among those whose licences were revoked.
This sweeping action underscores the CBN’s determination to enforce financial discipline and strengthen Nigeria’s banking landscape, ensuring that only institutions capable of meeting regulatory standards remain in operation.
Read up CBN’s post on its official X handle for more:
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