The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, marking one of the regulator’s largest enforcement actions in recent years as it continues efforts to strengthen the country’s financial system and ensure compliance with banking regulations.
The affected institutions include conventional, community and digital microfinance banks operating across different parts of Nigeria. Among those whose licences have been withdrawn are NOW NOW Digital Microfinance Bank, Sycamore Microfinance Bank, Creditville Microfinance Bank, Merchant Microfinance Bank, Gold Microfinance Bank, Apple Microfinance Bank, Stanford Microfinance Bank, Frontline Microfinance Bank, Straight Sahara Microfinance Bank, OurPass Microfinance Bank, Verdant Microfinance Bank, Entrepreneur Microfinance Bank and Avantus Microfinance Bank, alongside several state and community-based lenders.
The latest action follows the CBN’s ongoing supervisory role under the Banks and Other Financial Institutions Act (BOFIA), which empowers the apex bank to revoke the licences of financial institutions that fail to meet regulatory requirements or remain non-compliant with prudential standards. Brandspur Banking News Desk reports that licence revocation is one of the strongest regulatory measures available to the CBN in maintaining the stability and integrity of Nigeria’s financial sector.
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Microfinance banks play a critical role in promoting financial inclusion by providing banking services, savings products and credit facilities to individuals, small businesses and underserved communities that may not have access to conventional commercial banking services. Consequently, regulatory oversight remains central to ensuring that licensed operators maintain adequate capital, sound governance and effective risk management practices.
The affected institutions include Minji-Se Churchill Microfinance Bank, Janmaa Microfinance Bank, Busu Microfinance Bank, Zain Microfinance Bank, Bompai Microfinance Bank, Ajwa Microfinance Bank, Crystabel Microfinance Bank, Chanelle Microfinance Bank, Abia SME Microfinance Bank, Kamba Microfinance Bank, Iwade Microfinance Bank, Winview Microfinance Bank, Zuru Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Mwaghavul Microfinance Bank, Tofa Microfinance Bank, Safegate Microfinance Bank, Creekline Microfinance Bank, Bestar Microfinance Bank, Livingspring Microfinance Bank, Zafec Microfinance Bank, Supreme Microfinance Bank, Bejin-Doko Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank, Yeneng Microfinance Bank, MBAG Microfinance Bank, Basawa Microfinance Bank, Casha Microfinance Bank and Esteem Microfinance Bank, among others.
The CBN’s latest intervention underscores its continued focus on enforcing regulatory compliance and maintaining confidence in Nigeria’s financial services industry. Customers and stakeholders of the affected institutions are expected to await further guidance from the relevant regulatory authorities regarding the resolution process and any subsequent arrangements affecting depositors and other creditors.
