CBN revokes licences of 46 microfinance banks — see full list of affected organisations

• CBN revoked the operating licences of 46 microfinance banks with effect from July 1, 2026.

• NOW NOW Digital MFB, Sycamore MFB, Creditville MFB, Apple MFB and Gold MFB are among the affected institutions.

• The banks reportedly failed to meet key regulatory requirements, including capital adequacy, operational standards and licensing conditions.

• The apex bank says the move is to protect depositors, strengthen confidence in the financial system and enforce compliance among licensed financial institutions.

The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks (MFBs) across Nigeria in its latest move to tighten regulation in the country's banking sector.

The decision, which took effect July 1, 2026, was approved by the CBN Governor, Olayemi Cardoso, under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

Among the affected financial institutions are NOW NOW Digital MFB, Sycamore MFB, Creditville MFB, Apple MFB, Merchant MFB, Gold MFB, Frontline MFB, Safegate MFB, OurPass MFB, Verdant MFB, Avantus MFB and Entrepreneur MFB, alongside several others spread across different states.

According to the apex bank, the affected institutions failed to meet the regulatory conditions required to continue operating as licensed microfinance banks.

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The CBN explained that the licences were revoked for reasons including insufficient assets to cover liabilities, shutting down operations without regulatory approval, prolonged inactivity, failure to begin operations within one year after receiving approval, and failure to maintain the required minimum capital.

In a statement signed by Hakama Sidi-Ali, Acting Director of the Corporate Communications Department, the regulator said the move is aimed at protecting depositors and keeping Nigeria's financial system stable.

"The revocation of the licenses 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 added: "The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system and will continue to take appropriate supervisory and regulatory actions, where necessary, to maintain public confidence in the Nigerian financial system."

Some of the affected banks include:

• Minji-Se Churchill MFB Tier 1 (Rivers State)

• Merchant MFB Tier 2 (Abia State)

• Janmaa MFB Tier 1 (Kwara State)

• Busu MFB Tier 2 (Niger State)

• Gold MFB Tier 1 (Lagos State)

• Zain MFB (formerly Dawakin Tofa MFB) Tier 2 (Kano State)

• Bompai MFB Tier 1 (Kano State)

• Ajwa MFB (formerly Gezawa MFB) Tier 2 (Kano State)

• NOW NOW Digital MFB Tier 2 (Kano State).

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The latest action is part of the CBN's ongoing clean-up of Nigeria's financial sector, where institutions that fail to meet licensing, capital and operational requirements risk losing their approvals to operate.

While the revocation affects the banks' licences, customers who have funds with any of the affected institutions are expected to await further directives from the relevant regulatory authorities on the next steps regarding deposits and possible liquidation processes.