Not fewer than 46 microfinance banks across Nigeria have lost their operating licences after the Central Bank of Nigeria announced a fresh crackdown on financial institutions that failed to meet regulatory requirements for continued operation.
The apex bank said the decision, which takes immediate effect, was approved by CBN Governor Olayemi Cardoso as part of efforts to strengthen confidence in Nigeria’s banking sector and remove weak financial institutions from the system.
According to the CBN, the affected banks were sanctioned for multiple regulatory breaches including insufficient assets to meet liabilities, prolonged inactivity, failure to begin operations after licence approval and inability to maintain required capital levels.
In a statement released on Wednesday, the bank said the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act, 2020, giving the regulator powers to withdraw licences where institutions fail to meet operational standards.
The affected institutions cut across different states including Lagos, Kano, Abuja, Rivers, Ogun, Kaduna, Niger, Plateau, Osun, Ondo, Kebbi, Delta and Cross River.
The 46 affected microfinance banks are:
- Minji-Se Churchill MFB
- Merchant MFB
- Janmaa MFB
- Busu MFB
- Gold MFB
- Zain MFB
- Bompai MFB
- Ajwa 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
- Yeneng MFB
- Creditville MFB
- MBAG MFB
- Straight Sahara MFB
- Ourpass MFB
- Verdant MFB
- Basawa MFB
- Casha MFB
- Esteem MFB
- Entrepreneur MFB
- Avantus MFB
CBN said the revocation forms part of its wider effort to protect depositors, enforce compliance and ensure only financially stable institutions remain licensed to operate in Nigeria’s banking sector as regulatory supervision becomes stricter nationwide.