Amanze Chinonye
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet the regulatory requirements necessary to continue operating as licensed financial institutions, Prime Business Africa reports.
The move, which takes immediate effect, was announced in a statement issued on Wednesday by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.
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According to the apex bank, the revocation was approved by CBN Governor Olayemi Cardoso pursuant to the powers conferred on the bank under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected institutions were found to have committed one or more serious regulatory breaches that rendered them unfit to continue operating within Nigeria’s financial system.
The infractions include insufficient assets to meet liabilities, closure of operations without the approval of the apex bank, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months of obtaining a licence, and failure to maintain the statutory minimum capital unimpaired by losses.
The regulator said the action forms part of its broader supervisory mandate to sanitise the microfinance banking subsector, strengthen regulatory compliance and ensure that only financially sound institutions continue to operate.
“The revocation of the licences is part of the bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.
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The CBN added that it remains committed to promoting a safe, sound and resilient financial system and will continue to deploy appropriate supervisory and regulatory measures to preserve public confidence in Nigeria’s banking sector.
The latest enforcement action underscores the apex bank’s resolve to strengthen oversight of the financial system by removing institutions that no longer satisfy minimum prudential and operational standards.
Full List of Affected Microfinance Banks
- Minji-Se Churchill MFB – Rivers (Tier 1)
- Merchant MFB – Abia (Tier 2)
- Janmaa MFB – Kwara (Tier 1)
- Busu MFB – Niger (Tier 2)
- Gold MFB – Lagos (Tier 1)
- Zain MFB (formerly Dawakin Tofa MFB) – Kano (Tier 2)
- Bompai MFB – Kano (Tier 1)
- Ajwa MFB (formerly Gezawa) – Kano (Tier 2)
- Now Now Digital MFB – Kano (Tier 2)
- Crystabel Microfinance Bank – Bayelsa (Tier 1)
- Chanelle MFB – Lagos (State)
- Abia SME MFB – Abia (Tier 1)
- Kamba MFB – Kebbi (Tier 2)
- Iwade MFB – Ogun (Tier 2)
- Winview MFB – Federal Capital Territory (Tier 1)
- Zuru MFB – Kebbi (Tier 2)
- Minjibir MFB – Kano (Tier 1)
- Shanono MFB – Kano (Tier 2)
- Sumaila MFB – Kano (Tier 2)
- Rimin Gado MFB – Kano (Tier 2)
- Mwaghavul MFB – Plateau (State)
- Sycamore MFB – Kano (Tier 2)
- Tofa MFB – Kano (Tier 2)
- Safegate MFB – Lagos (Tier 1)
- Creekline MFB – Delta (Tier 2)
- Bestar MFB – Oyo (Tier 1)
- Livingspring MFB – Cross River (Tier 1)
- Apple MFB – Ogun (Tier 2)
- Stanford MFB – Akwa Ibom (State)
- Frontline MFB – Anambra (Tier 2)
- Zafec MFB – Kaduna (Tier 2)
- Supreme MFB – Lagos (Tier 1)
- Bejin-Doko MFB – Niger (Tier 2)
- Kanopoly MFB – Kano (Tier 1)
- Bellbank MFB (formerly Tsanyawa) – Kano (Tier 2)
- Yeneng MFB – Plateau (Tier 2)
- Creditville MFB – Lagos (Tier 1)
- MBAG MFB – Lagos (Tier 1)
- Straight Sahara MFB – Benue (Tier 1)
- OurPass MFB – Ondo (Tier 2)
- Verdant MFB – Lagos (Tier 1)
- Basawa MFB – Kaduna (Tier 2)
- Casha MFB – Federal Capital Territory (Tier 2)
- Esteem MFB – Kano (Tier 2)
- Entrepreneur MFB – Lagos (Tier 1)
- Avantus MFB – Osun (Tier 2)
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
