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