Following the revocation of the operating licenses of 46 Microfinance Banks (MFBs) by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), has begun the process of liquidating the affected institutions, the Corporation announced on Wednesday.
The NDIC was appointed as official liquidator of the banks pursuant to Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, and Section 55 (1 & 2) of the NDIC Act 2023.
TheFact Daily had earlier reported that the regulatory action by the apex bank on Wednesday, July 1, 2026, was due to the Banks’ Insufficient assets to meet liabilities, Closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, Failure to commence operations within 12 months of licence approval, and Failure to maintain minimum capital funds unimpaired by losses.
In a statement signed by its Head of Communication and Public Affairs, Hawwau Gambo, the NDIC informed depositors of the affected banks, as well as the general public, that the institutions are no longer authorised to carry out banking business in Nigeria.
The NDIC cautioned members of the public against engaging in any unauthorised transactions with the closed banks. It also warned against any attempt to remove, conceal, retain, or interfere with the assets, records, or properties of the affected institutions, stressing that such actions could constitute a violation of law and attract legal consequences.
According to the statement, the Corporation has already begun the process of orderly closure of the failed banks, including their immediate takeover, verification of depositor records, and payment of insured sums to eligible depositors.
NDIC said it would keep the depositors and the public informed on an ongoing basis as the liquidation exercise progresses.
List of Revoked Microfinance Banks:
1. Minji-Se Churchill MFB
2. Merchant MFB
3. Janmaa MFB
4. Busu MFB
5. Gold MFB
6. Zain MFB (formerly Dawakin Tofa MFB)
7. Bompai MFB
8. Ajwa MFB (Formerly Gezawa)
9. NOW NOW DIGITAL MFB
10. Crystabel Microfinance Bank
11. Chanelle MFB
12. Abia SME MFB
13. Kamba MFB
14. Iwade MFB
15. Winview MFB
16. Zuru MFB
17. Minjibir MFB
18. Shanono MFB
19. Sumaila MFB
20. Rimin Gado MFB
21. Mwaghavul MFB
22. Sycamore MFB
23. TOFA MFB
24. Safegate MFB
25. Creekline MFB
26. Bestar MFB
27. Livingspring MFB
28. Apple MFB
29. Stanford MFB
30. Frontline MFB
31. Zafec MFB
32. Supreme MFB
33. Bejin-Doko MFB
34. Kanopoly MFB
35. Bellbank MFB (formerly Tsanyawa)
36. Yeneng MFB
37. Creditville MFB
38. MBAG MFB
39. STRAIGHT SAHARA MFB
40. OURPASS MFB
41. VERDANT MFB
42. BASAWA MFB
43. CASHA MFB
44. ESTEEM MFB
45. ENTREPRENEUR MFB
46. AVANTUS MFB
