NDIC Begins Liquidation of 46 Microfinance Banks After CBN Revokes Licences

The Nigeria Deposit Insurance Corporation has commenced the liquidation of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria on July 1, 2026.

In a release issued Wednesday, NDIC’s Head of Communication & Public Affairs, Hawwau Gambo, said the Corporation was appointed official Liquidator under Section 12(2) of BOFIA 2020 and Section 55(1 & 2) of the NDIC Act 2023.

With the revocation, the 46 institutions are no longer authorised to conduct banking business in Nigeria. NDIC warned the public against carrying out any transactions with the closed banks. It added that removing, concealing or interfering with the assets, records or properties of the banks could attract legal consequences.

The Corporation said it has started the orderly closure of the failed banks, including immediate takeover, verification of records, and payment of insured sums to eligible depositors. Further steps on the liquidation exercise will be communicated to depositors and the public.

The 46 MFBs cut across several states and tiers. They include Minji-Se Churchill MFB,
Merchant MFB, Abia SME MFB, Janmaa MFB Busu MFB, Bejin-Doko MFB, Gold MFB, Chanelle MFB, Safegate MFB, Supreme MFB, Creditville MFB, MBAG MFB, VERDANT MFB, ENTERPRENEUR MFB, Zain MFB formerly Dawakin Tofa MFB, Bompai MFB, Ajwa MFB formerly Gezawa, Now Now Digital MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Sycamore MFB, TOFA MFB, Kanopoly MFB, Bellbank MFB formerly Tsanyawa, ESTEEM MFB

Others are Crystabel Microfinance Bank, Kamba MFB, Zuru MFB, Iwade MFB, Apple MFB, Winview MFB, CASHA MFB, Mwaghavul MFB, Yeneng MFB, Creekline MFB, Bestar MFB, Livingspring MFB

Also included are Stanford MFB, Frontline MFB , Zafec MFB, BASAWA MFB, STRAIGHT SAHARA MFB, OURPASS MFB, AVANTUS MFB

The NDIC advised depositors of the affected banks to await further directives on claims processing.