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

The apex bank announced the decision in a notice published on Wednesday, stating that the affected institutions failed to meet the regulatory requirements for continued operation under the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.

According to the CBN, the revocation followed persistent breaches of regulatory standards by the affected institutions. The bank said some of the microfinance banks failed to maintain the minimum capital requirements, ceased operations without regulatory approval, remained inactive for prolonged periods, or were unable to meet other statutory obligations required to retain their licences.

The CBN said the action forms part of its broader commitment to ensuring a safe, sound and resilient financial system while protecting depositors and preserving public confidence in the banking sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB 2. Merchant MFB 3. Janmaa MFB 4. Busu MFB 5. Gold MFB 6. Zain MFB (formerly Dawakin Tofa MFB) 7. Bompai MFB 8. Ajwa MFB (formerly Gezawa MFB) 9. NOW NOW Digital MFB 10. Crystabel Microfinance Bank 11. Chanelle MFB 12. Abia SME MFB 13. Kamba MFB 14. Iwade MFB 15. Winview MFB 16. Zuru MFB 17. Minjibir MFB 18. Shanono MFB 19. Sumaila MFB 20. Rimin Gado MFB 21. Mwaghavul MFB 22. Sycamore MFB 23. TOFA MFB 24. Safegate MFB 25. Creekline MFB 26. Bestar MFB 27. Livingspring MFB 28. Apple MFB 29. Stanford MFB 30. Frontline MFB 31. Zafec MFB 32. Supreme MFB 33. Bejin-Doko MFB 34. Kanopoly MFB 35. Bellbank MFB (formerly Tsanyawa MFB) 36. Yeneng MFB 37. Creditville MFB 38. MBAG MFB 39. Straight Sahara MFB 40. OurPass MFB 41. Verdant MFB 42. Basawa MFB 43. Casha MFB 44. Esteem MFB 45. Entrepreneur MFB 46. Avantus MFB.

The regulator reiterated that it will continue to enforce prudential guidelines and take appropriate supervisory actions against financial institutions that fail to comply with existing laws and regulatory standards.

Industry analysts say the move reflects the CBN's determination to sanitise the microfinance banking sector, improve corporate governance, and ensure that only financially sound and well-managed institutions continue to operate in Nigeria.