CBN Revokes Licences of 46 Banks

The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks as part of its ongoing regulatory enforcement and financial sector cleanup exercise.

The apex bank announced the decision through an official notice, confirming that the affected institutions are no longer permitted to operate as financial service providers in Nigeria following the revocation.

The list of affected microfinance banks includes Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB (formerly Dawakin Tofa MFB), Bompai MFB, Ajwa MFB (formerly Gezawa), 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), Yeneng MFB, Creditville MFB, MBAG MFB, STRAIGHT SAHARA MFB, OURPASS MFB, VERDANT MFB, BASAWA MFB, CASHA MFB, ESTEEM MFB, ENTREPRENEUR MFB, and AVANTUS MFB.

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The regulator did not immediately provide detailed reasons for each revocation but is expected to continue its broader supervision and restructuring efforts within the microfinance sector.

The development is part of CBN’s efforts to strengthen financial stability, enforce compliance, and ensure only viable institutions operate within the country’s banking framework.

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