CBN Revokes Licences of Merchant MFB, 45 Other Microfinance Banks
By Victor Idajili
The Central Bank of Nigeria, CBN, has withdrawn the operating licences of Merchant Microfinance Bank and 45 other microfinance banks for failing to meet regulatory requirements.
The action took effect from July 1, 2026, the apex bank said on Wednesday in a statement signed by Hakama Sidi-Ali, Acting Director of Corporate Communications. The revocation was approved by CBN Governor Olayemi Cardoso and is backed by Sections 12 and 13 of the Banks and Other Financial Institutions Act, BOFIA, 2020.
According to the CBN, the affected banks failed on one or more of these counts:
Insufficient assets to cover liabilities
Shut down operations without CBN approval
Inactive or stopped financial intermediation
Failed to start operations within 12 months of getting a licence
Failed to maintain the required minimum capital funds without impairment
“The revocation is part of our ongoing efforts to protect depositors, safeguard financial system stability, and ensure that only compliant institutions remain licensed,” the CBN said.
The list cuts across Tier 1, Tier 2 and state-based MFBs in 18 states and the FCT. Some of them are:
Rivers, Abia, Kwara, Niger, Lagos: Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Chanelle MFB, Abia SME MFB, Safegate MFB, Supreme MFB, Creditville MFB, MBAG MFB, VERDANT MFB, Entrepreneur MFB.
Kano: Zain MFB, Bompai MFB, Ajwa MFB, Now Digital MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Sycamore MFB, TOFA MFB, Kanopoly MFB, Bellbank MFB, Esteem MFB.
Others: Kamba & Zuru MFB, Iwade & Apple MFB, Winview MFB, Mwaghavul & Yeneng MFB, Creekline MFB, Bestar MFB, Livingspring MFB [Cross River], Stanford MFB, Frontline MFB, Zafec & Basawa MFB, Bejin-Doko MFB, Straight Sahara MFB, Our Pass MFB, Casha MFB, Avantus MFB, Rystabel MFB.[Kebbi][Ogun][Abuja][Plateau][Delta][Oyo][Uyo][Anambra][Kaduna][Niger][Benue][Ondo][Osun][Bayelsa]
The CBN said it remains committed to a “safe, sound and resilient financial system” and will keep taking regulatory action where needed to protect public confidence.
