List of Microfinance Banks Revoked by CBN in Nigeria
The Central Bank of Nigeria (CBN) recently revoked licences of 46 microfinance banks across Nigeria.
According to the apex bank, the affected microfinance banks failed to meet important regulatory requirements needed to continue operating in the country. The action is part of the CBN’s efforts to strengthen the Nigerian financial system and protect depositors.
Microfinance banks play a vital role in providing loans and other financial services to small businesses, traders, farmers and low-income earners. Because of this, any failure within the sector can affect thousands of customers and businesses.
In this guide, you will discover the List of Microfinance Banks Revoked by CBN in Nigeria, the official reasons behind the decision, what it means for customers, and the next steps to take.
Why Did the CBN Revoke the Licenses of Microfinance Banks?
The Central Bank of Nigeria has the legal authority to issue and revoke banking licences under the Banks and Other Financial Institutions Act (BOFIA), 2020.
According to the CBN, the licences of the 46 microfinance banks were revoked in line with Sections 12 and 13 of BOFIA, 2020, after the affected institutions failed to comply with important banking regulations.
The apex bank explained that several of the affected banks had continued to violate regulatory requirements despite existing guidelines. Some were no longer financially healthy, while others had stopped operating altogether.
1. Failure to Meet Financial Obligations
Some of the affected microfinance banks no longer had enough assets to cover their financial obligations.
In simple terms, their liabilities became higher than their assets, making it difficult for them to continue operating safely.
2. Closing Operations Without Approval
The CBN also found that some microfinance banks stopped operating or shut down their branches without obtaining approval from the regulator.
Licensed financial institutions are required to receive approval before suspending or closing their operations.
3. Inactive Banking Operations
Some of the banks had become inactive over time.
They were no longer accepting deposits, granting loans or carrying out normal banking activities expected of licensed microfinance banks.
Since they were no longer providing financial services, the CBN considered them inactive institutions.
4. Failure to Commence Business
A few of the affected institutions obtained banking licences but never commenced operations within the period required by law.
Under CBN regulations, newly licensed banks are expected to begin operations within a specified timeframe. Failure to do so can lead to licence revocation.
5. Failure to Maintain Minimum Capital
Another major reason for the revocation was the inability of some banks to maintain the minimum capital required by the CBN.
Continuous operating losses had significantly reduced their capital base, making them unable to meet the financial standards expected of licensed microfinance banks.
Because of these regulatory failures, the CBN concluded that allowing the affected banks to continue operating could expose depositors to unnecessary financial risks.
CBN Says the Decision Is to Protect Depositors
Speaking on the development, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, said the decision was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso.
According to the CBN, the revocation was aimed at protecting depositors, strengthening the financial system and ensuring that all licensed financial institutions comply with regulatory standards.
The apex bank also reassured Nigerians that it remains committed to maintaining a safe, stable and resilient banking system.
The CBN added that it will continue to take appropriate supervisory and regulatory actions whenever necessary to protect public confidence in Nigeria’s financial sector.
See Also: List of Loan Apps Approved by CBN 2026
List of Microfinance Banks Revoked by CBN in Nigeria
The Central Bank of Nigeria has released the official names of all 46 microfinance banks affected by the licence revocation.
Below is the complete list of microfinance banks revoked by CBN in 2026.
| S/N | Microfinance Bank | State | License Status |
|---|---|---|---|
| 1 | Minji-Se Churchill MFB | Rivers | Revoked |
| 2 | Merchant MFB | Abia | Revoked |
| 3 | Janmaa MFB | Kwara | Revoked |
| 4 | Busu MFB | Niger | Revoked |
| 5 | Gold MFB | Lagos | Revoked |
| 6 | Zain MFB (formerly Dawakin Tofa MFB) | Kano | Revoked |
| 7 | Bompai MFB | Kano | Revoked |
| 8 | Ajwa MFB | Kano | Revoked |
| 9 | Now Now Digital MFB | Kano | Revoked |
| 10 | Crystabel Microfinance Bank | Bayelsa | Revoked |
| 11 | Chanelle MFB (state-based) | Lagos | Revoked |
| 12 | Abia SME MFB | Abia | Revoked |
| 13 | Kamba MFB | Kebbi | Revoked |
| 14 | Iwade MFB | Ogun | Revoked |
| 15 | Winview MFB | Abuja (FCT) | Revoked |
| 16 | Zuru MFB | Kebbi | Revoked |
| 17 | Minjibir MFB | Kano | Revoked |
| 18 | Shanono MFB | Kano | Revoked |
| 19 | Sumaila MFB | Kano | Revoked |
| 20 | Rimin Gado MFB | Kano | Revoked |
| 21 | Mwaghavul MFB (state-based) | Plateau | Revoked |
| 22 | Sycamore MFB | Kano | Revoked |
| 23 | TOFA MFB | Kano | Revoked |
| 24 | Safegate MFB | Lagos | Revoked |
| 25 | Creekline MFB | Delta | Revoked |
| 26 | Bestar MFB | Oyo | Revoked |
| 27 | Livingspring MFB | Cross River | Revoked |
| 28 | Apple MFB | Ogun | Revoked |
| 29 | Stanford MFB (state-based) – Uyo | Akwa Ibom | Revoked |
| 30 | Frontline MFB | Anambra | Revoked |
| 31 | Zafec MFB | Kaduna | Revoked |
| 32 | Supreme MFB | Lagos | Revoked |
| 33 | Bejin-Doko MFB | Niger | Revoked |
| 34 | Kanopoly MFB | Kano | Revoked |
| 35 | Bellbank MFB (formerly Tsanyawa) | Kano | Revoked |
| 36 | Yeneng MFB | Plateau | Revoked |
| 37 | Creditville MFB | Lagos | Revoked |
| 38 | MBAG MFB | Lagos | Revoked |
| 39 | Straight Sahara MFB | Benue | Revoked |
| 40 | Our Pass MFB | Ondo | Revoked |
| 41 | Verdant MFB | Lagos | Revoked |
| 42 | Basawa MFB | Kaduna | Revoked |
| 43 | Casha MFB | Abuja (FCT) | Revoked |
| 44 | Esteem MFB | Kano | Revoked |
| 45 | Enterpreneur MFB | Lagos | Revoked |
| 46 | Avantus MFB | Osun | Revoked |
See Also: Top 50 Microfinance Banks in Nigeria (2026)
What Happens to Customers of the Affected Microfinance Banks?
If your microfinance bank is among the 46 institutions whose licences have been revoked, you may be wondering what happens to your money.
The good news is that customers are not expected to lose their insured deposits simply because the bank’s licence has been withdrawn.
Once the CBN revokes the licence of a bank, the Nigeria Deposit Insurance Corporation (NDIC) takes over the bank’s liquidation process. The NDIC is responsible for verifying depositors, paying insured deposits and managing the bank’s remaining assets.
Below are the most important things every affected customer should know.
Are Deposits Safe?
Yes. Deposits are protected by the Nigeria Deposit Insurance Corporation (NDIC), subject to the maximum insured limit.
The NDIC provides deposit insurance for all licensed microfinance banks in Nigeria. This means eligible depositors can recover their insured funds if a licensed microfinance bank fails.
The corporation increased the maximum deposit insurance coverage for microfinance bank customers from ₦200,000 to ₦2,000,000 per depositor, per bank.
This means if your total deposit is within the insured limit, you can receive your money through the NDIC claims process.
If your deposit exceeds the insured limit, the excess amount may be paid later after the bank’s assets have been recovered and liquidated.
The NDIC has also assured depositors that insured funds will be paid as quickly as possible after the necessary verification process has been completed.
Can Customers Still Access Their Money?
Once a microfinance bank’s operating licence has been revoked, it can no longer carry out banking activities.
Customers will not be able to withdraw money, make deposits or access other banking services through the affected institution.
Instead, depositors will receive their insured funds through the NDIC after their account details have been verified.
If you have already provided an alternative commercial bank account during the verification exercise, the NDIC may credit your insured amount directly into that account.
Customers who have not submitted an alternative account will need to complete the verification process before payment can be made.
Role of the Nigeria Deposit Insurance Corporation (NDIC)
The Nigeria Deposit Insurance Corporation becomes the official liquidator whenever the CBN revokes the licence of a bank.
Its responsibility is to take over the affairs of the failed institution and protect the interests of depositors.
The NDIC verifies customers’ account balances, manages the bank’s assets and pays insured deposits to eligible customers.
After paying insured depositors, the corporation continues the liquidation process by selling the bank’s assets.
Any money realised from the sale of those assets may later be used to settle uninsured depositors and other creditors according to the provisions of the law.
The NDIC has advised customers to cooperate during the verification process by providing all required documents to speed up payment.
Steps Customers Should Take Immediately
If your microfinance bank appears on the CBN’s list of the 46 affected institutions, there are important steps you should take immediately.
1. Confirm That Your Bank Is on the List
The first thing to do is to verify that your bank is one of the institutions whose operating licence has been revoked.
Check the official list released by the Central Bank of Nigeria instead of relying on information circulating on social media.
2. Gather Your Account Documents
Collect every document that can help prove your account ownership.
These may include:
- Passbook
- Bank statements
- Deposit slips
- ATM transaction receipts
- Account opening documents
- Valid means of identification
Keeping these documents ready will make the verification process easier.
3. Provide an Alternative Bank Account
If you have another account with a commercial bank, make sure the NDIC has your correct account details.
Providing an alternative account allows the corporation to transfer your insured deposit electronically once your claim has been approved.
4. Visit the NDIC for Verification
Customers who have not yet been verified should visit the nearest NDIC office or any location designated by the corporation.
You may be asked to provide:
- Valid means of identification
- Proof of account ownership
- Your BVN
- An alternative bank account
- Any additional documents requested by the NDIC
After verification, eligible customers will receive their insured deposits according to the NDIC’s payment process.
5. Follow Official Updates
Continue to monitor announcements from the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation.
These agencies will publish updates regarding payment schedules, verification exercises and other important information.
Avoid relying on unofficial reports or unverified messages shared on social media.
6. Beware of Fraudsters
Bank licence revocations often create opportunities for scammers to target unsuspecting customers.
Be careful of anyone claiming they can help you recover your money in exchange for a fee.
The NDIC does not ask customers to pay money before receiving their insured deposits.
Only follow instructions published through official CBN and NDIC communication channels.
By following these steps, affected customers can complete the verification process smoothly and improve their chances of receiving their insured deposits without unnecessary delays.
How the License Revocation Affects the Nigerian Banking Sector
The revocation of the operating licences of 46 microfinance banks is one of the biggest regulatory actions taken by the Central Bank of Nigeria (CBN) in recent years.
Although the decision may temporarily affect some customers, the CBN believes it will strengthen the banking sector in the long run.
Microfinance banks play an important role in Nigeria’s economy. They provide loans, savings accounts and other financial services to small businesses, traders, farmers and low-income earners who may not have access to commercial banks.
When a microfinance bank fails to meet regulatory standards, it can put customers’ deposits at risk and reduce public confidence in the financial system.
By removing weak and non-compliant institutions, the CBN aims to ensure that only financially healthy and well-managed microfinance banks continue to operate.
Stronger Financial Stability
One of the major benefits of this action is improved financial stability.
Banks that cannot meet minimum capital requirements or continue operating safely can create risks for depositors and the wider economy.
Revoking their licences helps reduce these risks and strengthens confidence in Nigeria’s financial system.
Better Protection for Depositors
The CBN also wants to ensure that customers keep their money with institutions that meet regulatory requirements.
Regular supervision and enforcement encourage banks to operate responsibly and protect depositors’ funds.
Higher Regulatory Standards
The licence revocation sends a strong message to all licensed financial institutions.
Banks are expected to comply with CBN regulations, maintain adequate capital, follow good corporate governance practices and continue providing financial services to customers.
Any institution that fails to meet these requirements may face regulatory sanctions, including licence revocation.
Possible Industry Reforms
Industry experts believe this action could encourage more mergers, acquisitions and recapitalisation among microfinance banks.
Smaller institutions that cannot meet the CBN’s financial requirements may consider joining forces with stronger operators instead of risking licence withdrawal.
Although the number of microfinance banks may reduce, the remaining institutions are expected to become stronger, more stable and better positioned to serve Nigerians.
What Is the Difference Between License Revocation and Bank Liquidation?
Many people use the terms licence revocation and bank liquidation interchangeably, but they do not mean the same thing.
Understanding the difference can help customers know what to expect after a bank is closed.
What Is Licence Revocation?
Licence revocation is the official withdrawal of a bank’s operating licence by the Central Bank of Nigeria.
Once this happens, the bank immediately loses the legal authority to carry out banking activities.
It can no longer accept deposits, process withdrawals, issue loans or provide any financial services to customers.
In simple terms, the bank stops operating as a licensed financial institution.
What Is Bank Liquidation?
Liquidation is the legal process that follows after a bank’s licence has been revoked.
During this stage, the Nigeria Deposit Insurance Corporation (NDIC) takes over the affairs of the failed bank.
The NDIC gathers the bank’s assets, recovers outstanding loans, sells available properties and uses the proceeds to settle eligible claims.
The corporation first pays insured depositors before attending to uninsured depositors and other creditors according to the law.
What Customers Should Understand
The revocation of a licence does not automatically mean customers will receive their money immediately.
Instead, it begins the liquidation process managed by the NDIC.
Customers are expected to complete the required verification process before receiving their insured deposits.
For this reason, affected customers should remain calm, cooperate with the NDIC and follow only official instructions throughout the claims process.
How to Verify Whether Your Microfinance Bank Is Licensed
If you want to confirm whether your microfinance bank is still licensed by the Central Bank of Nigeria, there are several ways to do so.
Using official sources can help you avoid false information and ensure you receive accurate updates.
Check the CBN’s Official List
The easiest way to verify a microfinance bank’s licence is by checking the list of licensed financial institutions published by the Central Bank of Nigeria.
The CBN regularly updates this list whenever new licences are issued or existing licences are revoked.
If your bank is not included in the current list of licensed microfinance banks, it may no longer be authorised to operate.
Check the NDIC Closed Banks List
The Nigeria Deposit Insurance Corporation also maintains a list of failed and closed banks under its management.
If your microfinance bank appears on this list, it means the institution has already been closed and the NDIC is handling the liquidation process.
Customers of such banks should follow the NDIC’s guidelines for deposit verification and payment.
Contact Your Bank
You can also contact your microfinance bank directly to confirm its operating status.
If the bank is still licensed, its customer service representatives should be able to provide accurate information about its operations.
If you are unable to reach the bank, you can contact the CBN or the NDIC for clarification.
Use Only Official Sources
Always verify information through official government channels. Avoid relying on rumours, forwarded messages or unverified social media posts claiming that a bank has been closed.
The Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation remain the most reliable sources for updates on licensed and revoked microfinance banks.
What Customers Should Do If Their Bank Is on the List
If you discover that your microfinance bank is among the 46 institutions whose operating licences have been revoked, there is no need to panic.
Instead, take the right steps and follow the instructions provided by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).
Below are some important actions you should take immediately.
1. Confirm Your Bank’s Status
The first step is to verify that your bank is actually on the official list released by the CBN.
Avoid relying on social media posts or unverified news reports. Always confirm the information through the CBN or NDIC before taking any action.
2. Gather Your Account Documents
Prepare all documents that may be needed during the verification process.
These documents may include:
- Bank statements
- Passbook
- Deposit receipts
- Account opening details
- Valid means of identification
- Bank Verification Number (BVN)
Having these documents ready will make the claims process much easier.
3. Follow Updates from the CBN and NDIC
The CBN and NDIC will continue to provide updates regarding the liquidation process and payment of insured deposits.
Regularly check their official websites or trusted news sources for new announcements.
This will help you know when verification begins and the documents required for payment.
4. Complete the NDIC Verification Process
If the NDIC requests depositors to come for verification, make sure you attend with all the necessary documents.
After confirming your account details, the NDIC will process the payment of your insured deposit according to its guidelines.
Customers who have already submitted an alternative commercial bank account may receive payment directly into that account.
Frequently Asked Questions (FAQs)
Is my money safe if my microfinance bank’s licence has been revoked?
Yes. Deposits are protected by the Nigeria Deposit Insurance Corporation (NDIC) up to the maximum insured limit.
If your deposit falls within the insured amount, you can recover your money after completing the required verification process.
Why did the CBN revoke the licences of these microfinance banks?
According to the CBN, the affected banks failed to comply with important regulatory requirements.
Some did not maintain the required capital, while others became inactive, stopped operations without approval or failed to meet other provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Can I still withdraw my savings?
No. Once the CBN revokes a bank’s operating licence, the bank can no longer provide banking services.
Customers will receive their insured deposits through the NDIC after verification instead of withdrawing directly from the bank.
Will the affected banks reopen?
In most cases, no. A licence revocation means the bank has lost its legal authority to operate as a financial institution.
Unless a new licence is issued under a different arrangement, customers should consider the bank permanently closed.
How can I confirm if my bank is among the affected institutions?
You can check the official list released by the Central Bank of Nigeria.
You can also visit the NDIC website or contact either agency directly to verify the current status of your microfinance bank.
What is the role of the NDIC after a bank’s licence is revoked?
The NDIC becomes the official liquidator of the failed bank.
Its responsibilities include verifying depositors, paying insured deposits, managing the bank’s assets and carrying out the liquidation process according to Nigerian law.
Can customers receive compensation?
Customers are entitled to receive their insured deposits through the NDIC.
If a depositor has funds above the insured limit, payment of the outstanding balance will depend on the amount recovered during the liquidation of the bank’s assets.
How often does the CBN revoke banking licences?
The CBN only revokes banking licences when financial institutions fail to comply with regulatory requirements or are no longer fit to operate.
Over the years, the apex bank has withdrawn the licences of several microfinance banks as part of its efforts to strengthen Nigeria’s financial system and protect depositors.
Conclusion
The Central Bank of Nigeria’s decision to revoke the operating licences of 46 microfinance banks is a major regulatory action aimed at strengthening the country’s financial system.
Although the development may be worrying for affected customers, the Nigeria Deposit Insurance Corporation has processes in place to protect insured deposits and manage the liquidation of the affected banks.
If your microfinance bank is on the list, remain calm and follow the official guidance provided by the CBN and NDIC.
Ensure you keep your account records, complete the verification process when required and avoid anyone requesting payment to help recover your funds.
As the CBN continues to strengthen regulatory oversight, customers are encouraged to bank only with licensed and well-regulated financial institutions.
