CBN Revokes Licences of 46 Microfinance Banks
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country as part of ongoing efforts to strengthen the stability, transparency, and integrity of Nigeria’s financial system.
The affected institutions are no longer authorised to operate as licensed microfinance banks following the regulatory action by the apex bank. Although the CBN has not provided detailed reasons for the revocations in the published list, such actions are typically taken when financial institutions fail to comply with regulatory requirements or other provisions of the law governing banking operations in Nigeria.
The move is expected to reinforce public confidence in the country’s financial sector by ensuring that only institutions that meet the required operational and prudential standards remain licensed.
Customers of the affected banks are advised to monitor official communications from the CBN and other relevant authorities for further guidance regarding deposits, claims, and any subsequent arrangements.
Full List of Microfinance Banks Whose Licences Were Revoked
- Minji-Se Churchill MFB
- Merchant MFB
- Janmaa MFB
- Busu MFB
- Gold MFB
- Zain MFB (formerly Dawakin Tofa MFB)
- Bompai MFB
- Ajwa MFB (formerly Gezawa MFB)
- NOW NOW DIGITAL MFB
- Crystabel Microfinance Bank
- Chanelle MFB
- Abia SME MFB
- Kamba MFB
- Iwade MFB
- Winview MFB
- Zuru MFB
- Minjibir MFB
- Shanono MFB
- Sumaila MFB
- Rimin Gado MFB
- Mwaghavul MFB
- Sycamore MFB
- TOFA MFB
- Safegate MFB
- Creekline MFB
- Bestar MFB
- Livingspring MFB
- Apple MFB
- Stanford MFB
- Frontline MFB
- Zafec MFB
- Supreme MFB
- Bejin-Doko MFB
- Kanopoly MFB
- Bellbank MFB (formerly Tsanyawa MFB)
- Yeneng MFB
- Creditville MFB
- MBAG MFB
- STRAIGHT SAHARA MFB
- OURPASS MFB
- VERDANT MFB
- BASAWA MFB
- CASHA MFB
- ESTEEM MFB
- ENTREPRENEUR MFB
- AVANTUS MFB
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The latest development underscores the CBN’s continued commitment to enforcing regulatory compliance and maintaining a sound banking environment. Stakeholders are expected to await further official statements for additional details on the implications of the licence revocations.
