46 Microfinance Banks Shut Down by CBN: See Full List

The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operation.

The apex bank disclosed this in a statement issued on Wednesday.

The revocation took effect from July 1, 2026, following the approval of CBN Governor Olayemi Cardoso, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.

According to the CBN, the affected institutions were found culpable of one or more regulatory infractions, including insufficient assets to meet liabilities, closure of operations without the bank’s approval, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving their licences, and failure to maintain the minimum capital required for continued operation.

The affected lenders cut across Tier 1, Tier 2 and State microfinance bank categories, spanning several states of the federation.

Kano State recorded the highest number of affected banks, with 13, followed by Lagos with eight. Abia, the Federal Capital Territory, Kaduna, Kebbi, Niger, Ogun and Plateau each had two banks affected, while Anambra, Akwa Ibom, Bayelsa, Benue, Cross River, Delta, Kwara, Ondo, Osun, Oyo and Rivers recorded one bank each.

By category, 25 of the affected institutions were Tier 2 microfinance banks, 18 were Tier 1 microfinance banks, and three were State microfinance banks.

The CBN said the action forms part of its 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 apex bank 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.

The development comes months after the CBN intensified its banking sector recapitalisation drive.

In March 2024, the Apex bank raised the minimum capital requirements for banks and set March 31, 2026, as the compliance deadline.

Below is the full list of the 46 microfinance banks affected:

Minji-Se Churchill MFB — Tier 1 — Rivers

Merchant MFB — Tier 2 — Abia

Janmaa MFB — Tier 1 — Kwara

Busu MFB — Tier 2 — Niger

Gold MFB — Tier 1 — Lagos

Zain MFB (formerly Dawakin Tofa MFB) — Tier 2 — Kano

Bompai MFB — Tier 1 — Kano

Ajwa MFB (formerly Gezawa MFB) — Tier 2 — Kano

NOW NOW Digital MFB — Tier 2 — Kano