CBN Revokes 46 Microfinance Licenses

The Nigeria — Central Bank of Nigeria (CBN) has revoked the operating licenses of 46 microfinance banks, effective July 1, 2026, due to their failure to meet regulatory requirements. This decision, approved by CBN Governor Yemi Cardoso, aligns with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. The reasons for revocation include insufficient assets to meet liabilities, unauthorized closure of operations, prolonged inactivity, failure to commence operations within 12 months of licensing, and inability to maintain statutory minimum capital. This action is part of the Nigeria — Central Bank of Nigeria's ongoing efforts to strengthen the financial system, protect depositors, and ensure strict compliance with banking regulations in Nigeria. The affected institutions include Minji-Se Churchill Microfinance Bank, Merchant MFB, Janmaa Microfinance Bank, Busu Microfinance Bank, Gold MFB, Zain Microfinance Bank, Bompai Microfinance Bank, Ajwa Microfinance Bank, NowNow Digital MFB, DJT Microfinance, Chanelle Microfinance Bank, Abia SME Microfinance Bank, Kamba Microfinance Bank, Iwade Microfinance Bank, Winview MFB, Zuru Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Mwaghavul Microfinance Bank, Sycamore Microfinance Bank, Tofa Microfinance Bank, Safegate Microfinance Bank, Creekline Microfinance Bank, Bestar Microfinance Bank, Livingspring Microfinance Bank, Apple Inc., Erica Stanford, Front line (disambiguation), Zafec MFB, Supreme Microfinance Bank, Bejin-Doko Microfinance Bank, Kanopoly Microfinance Bank, Bellbank MFB, DJT Microfinance, DJT Microfinance, DJT Microfinance, DJT Microfinance, DJT Microfinance, DJT Microfinance, DJT Microfinance, DJT Microfinance, DJT Microfinance, DJT Microfinance, and DJT Microfinance.