The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country as part of its ongoing efforts to strengthen the financial system and enforce regulatory compliance.
The apex bank announced the decision in a press release published on its official website, stating that the affected institutions had their licences withdrawn in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA). The action forms part of the CBN's regulatory measures to ensure that only sound and compliant financial institutions operate within Nigeria's banking sector.
The CBN advised customers, creditors and other stakeholders to consult the published list of the affected banks and await further directives from the appropriate authorities regarding the liquidation and settlement process.
Names of the 46 affected Microfinance Banks:
1. Al-Barka Microfinance Bank Ltd.
2. Atlas Microfinance Bank Ltd.
3. Boromu Microfinance Bank Ltd.
4. Calabar Microfinance Bank Ltd.
5. Confidence Microfinance Bank Ltd.
6. Cooperative Mortgage Microfinance Bank Ltd.
7. Crestview Microfinance Bank Ltd.
8. Eagle Flight Microfinance Bank Ltd.
9. Excellent Trust Microfinance Bank Ltd.
10. Express Finance Microfinance Bank Ltd.
11. Fims Microfinance Bank Ltd.
12. First Multiple Microfinance Bank Ltd.
13. Fortune Microfinance Bank Ltd.
14. Global Initiative Microfinance Bank Ltd.
15. Gombe Microfinance Bank Ltd.
16. Goshen Microfinance Bank Ltd.
17. Great Hope Microfinance Bank Ltd.
18. Greenfield Microfinance Bank Ltd.
19. Harmony Microfinance Bank Ltd.
20. Ikenne Microfinance Bank Ltd.
21. Ikire Microfinance Bank Ltd.
22. Infinity Microfinance Bank Ltd.
23. Isuofia Microfinance Bank Ltd.
24. Kingdom Microfinance Bank Ltd.
25. Leadremit Microfinance Bank Ltd.
26. Life Gate Microfinance Bank Ltd.
27. Linkage Microfinance Bank Ltd.
28. Mainstreet Microfinance Bank Ltd.
29. Midas Microfinance Bank Ltd.
30. New Covenant Microfinance Bank Ltd.
31. Nurture Microfinance Bank Ltd.
32. Oke-Aro Oredegbe Microfinance Bank Ltd.
33. Omiye Microfinance Bank Ltd.
34. Peace Microfinance Bank Ltd.
35. Pennywise Microfinance Bank Ltd.
36. Personal Trust Microfinance Bank Ltd.
37. Premium Trust Microfinance Bank Ltd.
38. Rehoboth Microfinance Bank Ltd.
39. Royal Exchange Microfinance Bank Ltd.
40. Shepherd Trust Microfinance Bank Ltd.
41. Solid Rock Microfinance Bank Ltd.
42. Standard Union Microfinance Bank Ltd.
43. Trinity Microfinance Bank Ltd.
44. Umuchinemere Procredit Microfinance Bank Ltd.
45. Unical Microfinance Bank Ltd.
46. Virtue Microfinance Bank Ltd.
Editor's Note: The complete official gazette containing the revocation notice is available on the CBN website for public reference.
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