CBN revokes licences of NowNow, Sycamore, Creditville, OurPass and Casha Microfinance Banks

The Central Bank of Nigeria (CBN) revoked the operating licences of 46 microfinance banks, citing insufficient assets to meet liabilities, closure of operations without CBN approval, and inactivity and cessation of financial intermediation as grounds for the action, according to the revocation order.

Five of the affected banks are owned or operated by Nigerian fintech startups. The CBN announced the revocations in a statement by Hakama Sidi-Ali, Acting Director of the Corporate Communications Department, effective July 1, 2026.

The action was taken in accordance with powers conferred on the CBN under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. CBN Governor Olayemi Cardoso approved it.

The fintech-linked banks

Nigerian fintechs acquire or set up microfinance banks to get direct regulatory access to deposit-taking, internal transfers, and credit issuance. Paystack’s acquisition of Ladder MFB followed the same logic.

Now Now Digital MFB (Kano State)

NowNow, a Nigerian digital banking and mobile wallet startup, owns it. The licence was used to build out their consumer-facing agent banking networks and digital wallets.

Creditville MFB (Lagos State)

Run by the Creditville Group, a digital-lending and asset-financing operator.

OurPass MFB (Ondo State)

It was built as a one-click e-commerce checkout startup. OurPass acquired an MFB license in 2024 to pivot into business and enterprise banking. However, the company faced challenges in gaining traction, deposit issues, and restructuring bottlenecks, leading to regulatory intervention.

Casha MFB (Federal Capital Territory)

It was launched by Casha Technologies, whose CBN licence authorised retail financial services for individuals, entrepreneurs and SMEs, with a focus that included cross-border payments.

Sycamore MFB (Kano State)

It is operated by Sycamore.ng, a P2P lending and wealth management platform. A Sycamore spokesperson confirmed the licence belonged to an entity the company had recently acquired in Kano State and was still integrating, and said its other operations, including its FCCPC-approved lending platform and SEC-licensed asset management arm, remain unaffected.

The CBN’s list includes 41 other affected institutions across Kano, Lagos, Kaduna, Rivers, Plateau, Kebbi, Niger, Ogun, Oyo, Delta, Bayelsa, Cross River, Akwa Ibom, Abia, Osun, Benue, and the FCT.

The apex bank said the revocations are part of its effort to protect depositors and keep the financial system stable. “The Central Bank of Nigeria remains committed to promoting a safe, sound and resilient financial system,” Sidi-Ali said in a statement seen by Condia.