The Central Bank of Nigeria (CBN) has officially revoked the operating licences of 46 Microfinance Banks (MFBs) nationwide, effective July 1, 2026. This regulatory action, carried out under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020, is part of the apex bank’s broader mandate to sanitize the financial sector, ensure corporate governance compliance, and protect the interests of depositors. REGULATORY OVERSIGHT AND FINANCIAL STABILITY The CBN stated that the decision was necessary to maintain public confidence in the Nigerian financial system. The affected institutions were found to have failed to meet regulatory requirements for continued operation. While the specific reasons for individual revocations were not detailed in every instance, the CBN’s standard grounds for such actions typically include insolvency, failure to render statutory returns, or a failure to maintain the mandatory capital requirements. GEOGRAPHICAL DISTRIBUTION The impact of the revocation is spread across the federation, with significant concentrations in certain states. Kano State recorded the highest number of affected institutions with 13 banks, followed by Lagos State with eight. Other states impacted include Abia, Niger, Rivers, and Ogun, among others. A PARTIAL LIST OF AFFECTED INSTITUTIONS While a comprehensive list has been issued by the regulator, the following are among the 46 microfinance banks whose licences were revoked: * Minji-Se Churchill MFB (Rivers) * Merchant MFB (Abia) * Janmaa MFB (Kwara) * Busu MFB (Niger) * Gold MFB (Lagos) * Zain MFB (formerly Dawakin Tofa MFB) (Kano) * Bompai MFB (Kano) * Ajwa MFB (formerly Gezawa) (Kano) * NOW NOW Digital MFB (Kano) * Crystabel Microfinance Bank (Bayelsa) * Chanelle MFB (Lagos) * Abia SME MFB (Abia) * Kamba MFB (Kebbi) * Iwade MFB (Ogun) * Winview MFB (FCT) * Zuru MFB (Kebbi) * Minjibir MFB (Kano) * Shamono MFB (Kano) * Sumaila MFB (Kano) * Rimin Gado MFB (Kano) * Mwaghavul MFB (Plateau) * Sycamore MFB (Kano) * TOFA MFB (Kano) * Safegate MFB (Lagos) * Creekline MFB (Delta) * Bestar MFB (Oyo) * Livingspring MFB (Cross River) * Apple MFB (Ogun) * Stanford MFB (Akwa Ibom) * Frontline MFB (Anambra) * Zafec MFB (Kaduna) * Supreme MFB (Lagos) * Bejin-Doko MFB (Niger) * Kanopoly MFB (Kano) * Bellbank MFB (formerly Tsanyawa) (Kano) * Yeneng MFB (Plateau) * Creditville MFB (Lagos) * MBAG MFB (Lagos) * Straight Sahara MFB (Benue) * OurPass MFB (Ondo) * Verdant MFB (Lagos) * Basawa MFB (Kaduna) * CASHA MFB (FCT) * Esteem MFB (Kano) * Entrepreneur MFB (Lagos) * Avantus MFB (Osun) NEXT STEPS FOR DEPOSITORS AND STAKEHOLDERS Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) is mandated to commence the winding-up process of the affected institutions. The corporation will oversee the liquidation of assets to settle claims in the following order of priority: insured depositors, uninsured depositors, creditors, and finally, shareholders. Customers of these institutions are advised to await further directives from the NDIC regarding the verification and payment process.