Central Bank of Nigeria has revoked licenses of 132 microfinance banks

“Explore the Central Bank of Nigeria’s bold move to revoke operating permits of 132 microfinance banks, four primary mortgage banks, and three financing firms. Uncover the potential implications of this significant regulatory shift for Nigeria’s financial landscape.”

A Comprehensive Review: Central Bank of Nigeria Revokes Licenses of 132 Microfinance Banks

In a bold regulatory stride, the Central Bank of Nigeria (CBN) has nullified the operational permits of

132 microfinance banks, four primary mortgage banks, and three financing companies in Nigeria..

This sweeping action was publicized in the Federal Government’s official gazette, which was made available on the CBN’s website recently.

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Unveiling the Revoked Microfinance Banks

The broad array of Microfinance Banks whose licenses have been rescinded includes the following:

  • Atlas Microfinance Bank
  • BlueWhales Microfinance Bank
  • Everest Microfinance Bank
  • Igangan Microfinance Bank
  • Mainsail Microfinance Bank
  • Merit Microfinance Bank
  • Minna Microfinance Bank
  • Musharaka Microfinance Bank
  • Nopov Microfinance Bank
  • Ohon Microfinance Bank
  • Premium Microfinance Bank
  • Royal Microfinance Bank
  • Statesman Microfinance Bank
  • Suisse Microfinance Bank
  • Vibrant Microfinance Bank
  • Virtue Microfinance Bank
  • Zamare Microfinance Bank
  • North Capital Microfinance Bank
  • Chidera Microfinance Bank
  • Excellent Microfinance Bank
  • Ni’ima Microfinance Bank
  • Cosmopolitan Microfinance Bank
  • Progressive Link Microfinance Bank
  • Trust One (Formerly Desmonarchy)
  • Ekuombe Microfinance Bank
  • First Index Microfinance Bank
  • Ola Microfinance Bank
  • Uli Microfinance Bank
  • Verdant Microfinance Bank
  • Aguleri Microfinance Bank Limited
  • Apeks Microfinance Bank Limited
  • Fahimta Microfinance Bank Limited
  • Manny Microfinance Bank Limited
  • Reality Microfinance Bank Limited
  • Surbpolitan Microfinance Bank Limited
  • Onyx Microfinance Bank Limited
  • Osina Microfinance Bank Limited
  • Olofin-Owena Microfinance Bank Limited
  • Zikado Microfinance Bank Limited
  • Prudential Co-operative Microfinance Bank Limited
  • Peniel Microfinance Bank Limited
  • Taraba Microfinance Bank Limited
  • Brass Microfinance Bank Limited
  • Michika Microfinance Bank Limited
  • Ndiaggu Microfinance Bank Limited
  • Northbridge Microfinance Bank Limited
  • FCT Microfinance Bank Limited
  • Omu-Aran Microfinance Bank Limited
  • Cherish Microfinance Bank Limited
  • BIPC Microfinance Bank Limited
  • DANELS Global Microfinance Bank Limited
  • Bancorp Microfinance Bank Limited
  • Manna Microfinance Bank Limited
  • Moneywise Microfinance Bank Limited
  • Mercury Microfinance Bank Limited
  • New Age Microfinance Bank Limited
  • Pearl Microfinance Bank Limited
  • Zawadi Microfinance Bank Limited
  • Seed Capital Microfinance Bank Limited
  • Eduek Microfinance Bank Limited
  • EKSU Microfinance Bank Limited
  • Dakingari Microfinance Bank Limited
  • Ogoja Microfinance Bank Limited
  • Nwabosi Microfinance Bank Limited
  • Nuture Microfinance Bank Limited
  • Active Point Microfinance Bank Limited
  • Amoye Microfinance Bank Limited
  • Boluwaduro Microfinance Bank Limited
  • Iyede Microfinance Bank Limited
  • Mayfair Microfinance Bank Limited
  • Calabar Microfinance Bank Limited
  • Ighomo Microfinance Bank Limted
  • Hackman Microfinance Bank Limited
  • Idese Microfinance Bank Limited
  • Bridgeway Microfinance Bank Limited
  • Grassroot Microfinance Bank Limited
  • Surelife Microfinance Bank Limited
  • Tijarah Microfinance Bank Limited
  • IC-Global Microfinance Bank Limited
  • Ejiamatu Microfinance Bank Limited
  • Briyth Covenant Microfinance Bank Limited
  • Nanka Microfinance Bank Limited
  • CUB Microfinance Bank Limited
  • BFL Microfinance Bank Limited
  • Umunne Microfinance Bank Limited
  • Oroke Microfinance Bank
  • Alkaleri Microfinance Bank Limited
  • Crowned Eagle Microfinance Bank Limited
  • UNIFA Microfinance Bank Limited
  • Dadinkowa Microfinance Bank Limited
  • Ifesowapo Microfinance Bank Limited
  • OAF Microfinance Bank Limited
  • Bama Microfinance Bank Limited
  • Ngala Microfinance Bank Limited
  • Iwoama Microfinance Bank Limited
  • KADA Microfinance Bank Limited
  • Keffi Microfinance Bank Limited
  • Nut-Endwell Microfinance Bank Limited
  • First Multiple Microfinance Bank Limited
  • SBDC Microfinance Bank Limited
  • Oros Capital Microfinance Bank Limited
  • Ozizza Microfinance Bank Limited
  • Primera Credit Microfinance Bank Limited
  • Ifeanyichukwu Microfinance Bank Limited
  • Ihioma Microfinance Bank Limited
  • Josad Microfinance Bank Limited
  • Akpo Microfinance Bank Limited
  • Aiyepe Microfinance Bank Limited
  • ABC Microfinance Bank Limited
  • Star Microfinance Bank Limited
  • Purple Money Microfinance Bank Limited
  • Utuh Microfinance Bank Limited
  • Stallion Microfinance Bank Limited
  • KJL Microfinance Bank Limited
  • Credit Afrique Microfinance Bank Limited
  • Cowries Microfinance Bank Limited
  • Lawebod Microfinance Bank Limited
  • Mabinas Microfinance Bank Limited
  • Business Support Microfinance Bank Limited
  • OGBE-AHIARA Microfinance Bank Limited
  • OLOFIN Microfinance Bank Limited
  • Obosi Microfinance Bank Limited
  • Fiyinfolu Microfinance Bank Limited
  • Bishopgate Microfinance Bank Limited
  • Awka Microfinance Bank Limited
  • Zigate Microfinance Bank Limited
  • Esan Microfinance Bank Limited
  • Enugu-Ukwu Microfinance Bank Limited
  • Echo Microfinance Bank Limited
  • Ally Microfinance Bank Limited
  • Network Microfinance Bank Limited
  • Awgbu Microfinance Bank Limited

In addition, licenses of the following finance companies were revoked: HHL Invest & Trust Limited, TFS Finance Limited, Treasures & Trust Limited.

Finally, the operational permits of these primary mortgage banks .

The following institutions also had their licenses revoked: Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans, and Kogi Savings & Loans.

The Potential Impact on the Nigerian Financial Ecosystem

This abrupt licensing revocation could send a ripple effect throughout the Nigerian financial ecosystem, affecting stakeholders from borrowers to investors.

In the immediate aftermath, those depending on these microfinance banks and firms for financial services may experience disruption, but in the longer term, the consolidation of the financial sector might lead to a more robust and resilient system.


The Central Bank of Nigeria’s decision to revoke the licenses of these 132 microfinance banks, alongside several other financial institutions, is a clear demonstration of the ongoing regulatory shifts in Nigeria’s financial sector.

As the dust settles on this development, it’s expected that the broader implications for the nation’s financial ecosystem will come to the fore.


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