By Ghazali Ibrahim
The Central Bank of Nigeria (CBN) has revoked the operating licences of Creditville Microfinance Bank, Sycamore Microfinance Bank, Safegate Microfinance Bank and 43 other lenders over regulatory breaches and failure to meet conditions for continued operation.
The apex bank announced the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, saying the revocation took effect from July 1, 2026.
According to the CBN, the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the Governor of the Central Bank, Olayemi Cardoso.
The bank said the affected institutions failed to comply with regulatory requirements, with some found to have insufficient assets to meet liabilities, while others had ceased operations, remained inactive, failed to commence business within 12 months of receiving licences, or could not maintain the required minimum capital.
“The revocation of the licences is part of the 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,” the statement read.
Among the 46 affected lenders are Creditville MFB, a tier-one bank based in Lagos; Sycamore MFB, a tier-two lender in Kano; Safegate MFB, a tier-one institution in Lagos; and Casha MFB, a tier-two bank operating in Abuja.
Other affected banks include Gold MFB, Supreme MFB, Bellbank MFB, Chanelle MFB, Verdant MFB, Entrepreneur MFB and Avantus MFB.
The CBN reiterated its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take supervisory and regulatory actions where necessary to sustain public confidence in Nigeria’s banking sector.
The revocation comes months after the apex bank’s banking sector recapitalisation deadline of March 31, 2026, which followed the increase in minimum capital requirements announced in March 2024.
