The Central Bank of Nigeria (CBN) has released the names of the 46 microfinance banks whose operating licences were revoked for failing to meet the regulatory requirements for continued operation.

The apex bank disclosed on Wednesday that the revocation was carried out in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the licences were revoked because the affected microfinance banks had insufficient assets to meet their liabilities, closed operations without regulatory approval, or became inactive and ceased financial intermediation.

The revocations were also attributed to the banks’ failure to commence operations within 12 months of obtaining their licences and failure to maintain the minimum capital funds unimpaired by losses.

Revocation list

On the list of 46 microfinance banks whose licences were revoked, Kano State accounted for the highest number, with 13 banks, followed by Lagos with 8.

Also, Abia, the Federal Capital Territory (Abuja), Kaduna, Kebbi, Niger, Ogun, Plateau, recorded two banks each, while Anambra, Akwa Ibom, Bayelsa, Benue, Cross River, Delta, Kwara, Ondo, Osun, Oyo, and Rivers had one bank each.

By category, 25 of the affected institutions were Tier 2 microfinance banks, 18 were Tier 1 microfinance banks, and three were State microfinance banks.

The regulator said the license revocation forms part of its ongoing efforts to strengthen oversight of the financial system and ensure that licensed financial institutions comply with extant laws and prudential regulations.

Here are the microfinance banks whose licenses were revoked:

S/N	Microfinance Bank	Category	State
1	Minji-Se Churchill MFB	Tier 1	Rivers
2	Merchant MFB	Tier 2	Abia
3	Janmaa MFB	Tier 1	Kwara
4	Busu MFB	Tier 2	Niger
5	Gold MFB	Tier 1	Lagos
6	Zain MFB (formerly Dawakin Tofa MFB)	Tier 2	Kano
7	Bompai MFB	Tier 1	Kano
8	Ajwa MFB (formerly Gezawa MFB)	Tier 2	Kano
9	NOW NOW DIGITAL MFB	Tier 2	Kano
10	Crystabel Microfinance Bank	Tier 1	Bayelsa
11	Chanelle MFB	State	Lagos
12	Abia SME MFB	Tier 1	Abia
13	Kamba MFB	Tier 2	Kebbi
14	Iwade MFB	Tier 2	Ogun
15	Winview MFB	Tier 1	Abuja (FCT)
16	Zuru MFB	Tier 2	Kebbi
17	Minjibir MFB	Tier 1	Kano
18	Shanono MFB	Tier 2	Kano
19	Sumaila MFB	Tier 2	Kano
20	Rimin Gado MFB	Tier 2	Kano
21	Mwaghavul MFB	State	Plateau
22	Sycamore MFB	Tier 2	Kano
23	TOFA MFB	Tier 2	Kano
24	Safegate MFB	Tier 1	Lagos
25	Creekline MFB	Tier 2	Delta
26	Bestar MFB	Tier 1	Oyo
27	Livingspring MFB	Tier 1	Cross River
28	Apple MFB	Tier 2	Ogun
29	Stanford MFB	State	Uyo*
30	Frontline MFB	Tier 2	Anambra
31	Zafec MFB	Tier 2	Kaduna
32	Supreme MFB	Tier 1	Lagos
33	Bejin-Doko MFB	Tier 2	Niger
34	Kanopoly MFB	Tier 1	Kano
35	Bellbank MFB (formerly Tsanyawa MFB)	Tier 2	Kano
36	Yeneng MFB	Tier 2	Plateau
37	Creditville MFB	Tier 1	Lagos
38	MBAG MFB	Tier 1	Lagos
39	STRAIGHT SAHARA MFB	Tier 1	Benue
40	OURPASS MFB	Tier 2	Ondo
41	VERDANT MFB	Tier 1	Lagos
42	BASAWA MFB	Tier 2	Kaduna
43	CASHA MFB	Tier 2	Abuja (FCT)
44	ESTEEM MFB	Tier 2	Kano
45	ENTERPRENEUR MFB		Lagos
46	AVANTUS MFB	Tier 2	Osun

READ ALSO: CBN revokes licences of 46 microfinance banks

Revocation list

Full List: CBN Takes Licences of 46 Microfinance Banks

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