The Central Bank of Nigeria ( CBN) has revoked the operating licenses of 46 microfinance banks in an action meant to sanitize the industry.
The action was also linked to failure to meet regulatory requirements, including issues such as insufficient assets, inactivity, closure without approval, failure to commence operations, and failure to maintain required capital.
The banks include:
Minji-Se Churchill MFB — Rivers
Merchant MFB — Abia
Janmaa MFB — Kwara
Busu MFB — Niger
Gold MFB — Lagos
Zain MFB (formerly Dawakin Tofa MFB) — Kano
Bompai MFB — Kano
Ajwa MFB (formerly Gezawa MFB) — Kano
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Crystabel Microfinance Bank — Bayelsa
Chanelle MFB — Lagos
Abia SME MFB — Abia
Kamba MFB — Kebbi
Iwade MFB — Ogun
Winview MFB — Abuja
Zuru MFB — Kebbi
Minjibir MFB — Kano
Shanono MFB — Kano
Sumaila MFB — Kano
Rimin Gado MFB — Kano
Mwaghavul MFB — Plateau
Sycamore MFB — Kano
TOFA MFB — Kano
Safegate MFB — Lagos
Creekline MFB — Delta
Bestar MFB — Oyo
Livingspring MFB — Cross River
Apple MFB — Ogun
Stanford MFB — Akwa Ibom
Frontline MFB — Anambra
Zafec MFB — Kaduna
Supreme MFB — Lagos
Bejin-Doko MFB — Niger
Kanopoly MFB — Kano
Bellbank MFB (formerly Tsanyawa) — Kano
Yeneng MFB — Plateau
Creditville MFB — Lagos
MBAG MFB — Lagos
Straight Sahara MFB — Benue
Ourpass MFB — Ondo
Verdant MFB — Lagos
Basawa MFB — Kaduna
Casha MFB — Abuja
Esteem MFB — Kano
Entrepreneur MFB — Lagos
Avantus MFB — Osun
