The Central Bank of Nigeria (CBN) has revoked the operating licenses of Warri-based Creekline Microfinance Bank Limited (originally known as Ogbe-Ijoh Community Bank) and 45 other Microfinance Banks across the country.
According to a statement credited to the Ag. Director, Corporate Communications Department of CBN, Sidi-Ali, Hakama (Mrs.) the revocation which takes effect from Wednesday July 1, 2026, is in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Fresh Angle International, can report that the revocation, was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
According to the revocation order, the action became necessary because of one or more of the circumstances listed below:
i. Insufficient assets to meet liabilities,
ii. Closure of operations without the CBN approval,
iii. Inactivity and cessation of financial intermediation,
iv. Failure to commence operations within 12 months of licence approval, and
v. Failure to maintain minimum capital funds unimpaired by losses.
The revocation of the licenses is part of the apex Bank's ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements.
Below is graphic details of the 46 Microfinance Banks, whose licenses was revoked:
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S/NO MFB CATEGORY STATE
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1 Minji-Se Churchill MFB Tier 1 Rivers
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2 Merchant MFB Tier 2 Abia
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3 Janmaa MFB Tier 1 Kwara
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4 Busu MFB Tier 2 Niger
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5 Gold MFB Tier 1 Lagos
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6 Zain MFB (foremerly
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Dawakin Tofa MFB) Tier 2 Kano
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7 Bompai MFB Tier 1 Kano
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8 Ajwa MFB (Formerly
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Gezawa) Tier 2 Kano
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9 NOW NOW DIGITAL MFB Tier 2 Kano
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10 Crystabel Microfinance Bank Tier 1 Bayelsa
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11 Chanelle MFB State Lagos
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12 Abia SME MFB Tier 1 Abia
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13 Kamba MFB Tier 2 Kebbi
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14 Iwade MFB Tier 2 Ogun
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15 Winview MFB Tier 1 Abuja
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16 Zuru MFB Tier 2 Kebbi
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17 Minjibir MFB Tier 1 Kano
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18 Shanono MFB Tier 2 Kano
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19 Sumaila MFB Tier 2 Kano
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20 Rimin Gado MFB Tier 2 Kano
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21 Mwaghavul MFB State Plateau
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22 Sycamore MFB Tier 2 Kano
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23 TOFA MFB Tier 2 Kano
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24 Safegate MFB Tier 1 Lagos
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25 Creekline MFB Delta Tier 2
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26 Bestar MFB Tier 1 Oyo
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27 Livingspring MFB Tier 1 Cross River
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28 Apple MFB Tier 2 Ogun
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29 Stanford MFB State Uyo
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30 Frontline MFB Tier 2 Anambra
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31 Zafec MFB Tier 2 Kaduna
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32 Supreme MFB Tier 1 Lagos
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33 Bejin-Doko MFB Tier 2 Niger
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34 Kanopoly MFB Tier 1 Kano
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35 Bellbank MFB formerlyTsanyawa Tier 2 Kano
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36 Yeneng MFB Tier 2 Plateau
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37 Creditville MFB Tier 1 Lagos
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38 MBAG MFB Tier 1 Lagos
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39 STRAIGHT SAHARA MFB Tier 1 Benue
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40 OURPASS MFB Tier 2 Ondo
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41 VERDANT MFB Tier 1 Lagos
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42 BASAWA MFB Tier 2 Kaduna
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43 CASHA MFB Tier 2 Abuja
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44 ESTEEM MFB Tier 2 Kano
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45 ENTERPRENEUR MFB Tier 1 Lagos
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46 AVANTUS MFB Tier 2 Osu
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Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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