THE Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks nationwide over their failure to meet regulatory requirements for continued operations.

The apex bank announced the decision in a press statement on Wednesday, July 1, stating that the revocation took effect immediately.

According to the CBN, the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the Governor of the Central Bank of Nigeria, Olayemi Cardoso.

The bank said the affected institutions failed to satisfy one or more of the regulatory conditions required for continued operation as licensed financial institutions.

It listed the reasons for the revocation to include insufficient assets to meet liabilities, closure of operations without the approval of the CBN, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.

“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 read.

The CBN added that it remained committed to promoting a safe, sound and resilient financial system and would continue to take appropriate supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial system.

Full list of affected microfinance banks

1. Minji-Se Churchill MFB – Rivers (Tier 1)

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2. Merchant MFB – Abia (Tier 2)
3. Janmaa MFB – Kwara (Tier 1)
4. Busu MFB – Niger (Tier 2)
5. Gold MFB – Lagos (Tier 1)
6. Zain MFB (formerly Dawakin Tofa MFB) – Kano (Tier 2)
7. Bompai MFB – Kano (Tier 1)
8. Ajwa MFB (formerly Gezawa) – Kano (Tier 2)
9. NOW NOW Digital MFB – Kano (Tier 2)
10. Crystabel Microfinance Bank – Bayelsa (Tier 1)
11. Chanelle MFB – Lagos (State)
12. Abia SME MFB – Abia (Tier 1)
13. Kamba MFB – Kebbi (Tier 2)
14. Iwade MFB – Ogun (Tier 2)
15. Winview MFB – FCT (Tier 1)
16. Zuru MFB – Kebbi (Tier 2)
17. Minjibir MFB – Kano (Tier 1)
18. Shamono MFB – Kano (Tier 2)
19. Sumaila MFB – Kano (Tier 2)
20. Rimin Gado MFB – Kano (Tier 2)
21. Mwaghavul MFB – Plateau (State)
22. Sycamore MFB – Kano (Tier 2)
23. TOFA MFB – Kano (Tier 2)
24. Safegate MFB – Lagos (Tier 1)
25. Creekline MFB – Delta (Tier 2)
26. Bestar MFB – Oyo (Tier 1)
27. Livingspring MFB – Cross River (Tier 1)
28. Apple MFB – Ogun (Tier 2)
29. Stanford MFB – Akwa Ibom (State)
30. Frontline MFB – Anambra (Tier 2)
31. Zafec MFB – Kaduna (Tier 2)
32. Supreme MFB – Lagos (Tier 1)
33. Bejin-Doko MFB – Niger (Tier 2)
34. Kanopoly MFB – Kano (Tier 1)
35. Bellbank MFB (formerly Tsanyawa) – Kano (Tier 2)
36. Yeneng MFB – Plateau (Tier 2)
37. Creditville MFB – Lagos (Tier 1)
38. MBAG MFB – Lagos (Tier 1)
39. Straight Sahara MFB – Benue (Tier 1)
40. OurPass MFB – Ondo (Tier 2)
41. Verdant MFB – Lagos (Tier 1)
42. Basawa MFB – Kaduna (Tier 2)
43. CASHA MFB – FCT (Tier 2)
44. Esteem MFB – Kano (Tier 2)
45. Entrepreneur MFB – Lagos (Tier 1)
46. Avantus MFB – Osun (Tier 2)

Mustapha USMAN

Mustapha Usman is an investigative journalist with the International Centre for Investigative Reporting. You can easily reach him via: musman@icirnigeria.com. He tweets @UsmanMustapha_M