FULL LIST: CBN Revokes Licences of 46 Microfinance Banks Over Regulatory Breaches

Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country for failing to meet key regulatory requirements.
The apex bank disclosed this in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali. The revocation took effect from July 1, 2026, following the approval of the CBN Governor, Olayemi Cardoso.
According to the statement, the action was taken under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN said the affected banks failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.
The regulator explained that the decision followed the discovery of one or more infractions, including insufficient assets to meet liabilities, closure of operations without CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of obtaining licences, and failure to maintain the prescribed minimum capital unimpaired by losses.
The affected institutions include Tier 1, Tier 2 and State microfinance banks located across Lagos, Kano, Abuja, Abia, Ogun, Kaduna, Niger, Plateau, Rivers, Bayelsa, Benue, Cross River, Delta, Kebbi, Kwara, Ondo, Osun, Oyo and Anambra states.
Among the affected lenders are Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank and NOW NOW Digital Microfinance Bank.
Several Kano-based institutions were also affected, including Bompai Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Kanopoly Microfinance Bank and Esteem Microfinance Bank.
The CBN said the measure is part of its efforts to strengthen financial sector stability, protect depositors and ensure compliance with existing laws and regulatory requirements.
It reaffirmed its commitment to promoting a safe, sound and resilient financial system, adding that it would continue to take appropriate supervisory and regulatory actions where necessary to maintain public confidence in the Nigerian financial system.
Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) recently disclosed that more than 281 million depositors across Nigeria’s banking system are protected against bank failure following reforms that expanded deposit insurance coverage and accelerated reimbursement to customers of failed banks.
The Managing Director and Chief Executive Officer of the NDIC, Thompson Sunday, said the corporation currently provides deposit insurance coverage across 914 licensed financial institutions and that more than 98 per cent of depositors are fully insured for their entire balances following the upward review of deposit insurance limits in May 2024.