The Nigeria Deposit Insurance Corporation has taken over the liquidation of 46 microfinance banks after the Central Bank of Nigeria revoked their operating licences on July 1, 2026.
According to NDIC, the affected institutions are no longer allowed to carry on banking business in Nigeria. The corporation warned the public against carrying out any unauthorized transaction with the closed banks or tampering with their assets, records or property, noting that such actions could attract legal sanctions.
NDIC said it has already begun the orderly winding-up process, which includes immediate takeover of the banks, verification of records and payment of insured sums to eligible depositors. The corporation assured customers that it will continue to issue updates as the liquidation exercise progresses.
The revoked banks include Minji-Se Churchill MFB, Merchant MFB, Janmaa MFB, Busu MFB, Gold MFB, Zain MFB, Bompai MFB, Ajwa MFB, Now Now Digital MFB, Crystabel Microfinance Bank, Chanelle MFB, Abia SME MFB, Kamba MFB, Iwade MFB, Winview MFB, Zuru MFB, Minjibir MFB, Shanono MFB, Sumaila MFB, Rimin Gado MFB, Mwaghavul MFB, Sycamore MFB, TOFA MFB, Safegate MFB, Creekline MFB, Bestar MFB, Livingspring MFB, Apple MFB, Stanford MFB, Frontline MFB, Zafec MFB, Supreme MFB, Bejin-Doko MFB, Kanopoly MFB, Bellbank MFB, Yeneng MFB, Creditville MFB, MBAG MFB, Straight Sahara MFB, Ourpass MFB, Verdant MFB, Basawa MFB, Casha MFB, Esteem MFB, Entrepreneur MFB and Avantus MFB.
The corporation, through its Head of Communication and Public Affairs, Hawwau Gambo, said the move is part of its mandate to protect depositors and maintain confidence in the financial system.