CBN Revokes Licences of 46 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks as part of ongoing efforts to strengthen the country’s financial system and enforce regulatory compliance.

The apex bank said the affected institutions failed to meet regulatory requirements, including compliance with licensing conditions and other provisions of the Banks and Other Financial Institutions Act (BOFIA).

The Nigeria Deposit Insurance Corporation (NDIC) is expected to oversee the resolution process in line with its statutory mandate, while customers of the affected banks have been advised to follow official directives regarding their deposits and other claims.

The affected banks are: **Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Busu Microfinance Bank, Gold Microfinance Bank, Zain Microfinance Bank (formerly Dawakin Tofa Microfinance Bank), Bompai Microfinance Bank, Ajwa Microfinance Bank (formerly Gezawa Microfinance Bank), NowNow Digital Microfinance Bank, Crystabel Microfinance Bank, Chanelle Microfinance Bank, Abia SME Microfinance Bank, Kamba Microfinance Bank, Iwade Microfinance Bank, Winview Microfinance Bank, Zuru Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Mwaghavul Microfinance Bank, Sycamore Microfinance Bank, Tofa Microfinance Bank, Safegate Microfinance Bank, Creekline Microfinance Bank, Bestar Microfinance Bank, Livingspring Microfinance Bank, Apple Microfinance Bank, Stanford Microfinance Bank, Frontline Microfinance Bank, Zafec Microfinance Bank, Supreme Microfinance Bank, Bejin-Doko Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank (formerly Tsanyawa Microfinance Bank), Yeneng Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Straight Sahara Microfinance Bank, OurPass Microfinance Bank, Verdant Microfinance Bank, Basawa Microfinance Bank, Casha Microfinance Bank, Esteem Microfinance Bank, Entrepreneur Microfinance Bank and Avantus Microfinance Bank.