NDIC takes over 46 failed microfinance banks, warns customers against dealings — see full list of affected banks

An earlier version of this article incorrectly referred to VFD Microfinance Bank Limited in the headline and accompanying text. This was an editorial error.

VFD Microfinance Bank Limited is not among the 46 microfinance banks whose licences were revoked by the Central Bank of Nigeria (CBN), nor has it been taken over by the Nigeria Deposit Insurance Corporation (NDIC).

The headline and article have been corrected to accurately reflect the CBN's official announcement. We regret the error and apologise to VFD Microfinance Bank Limited and our readers for the inaccuracy.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the takeover and liquidation of 46 failed microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), warning customers and members of the public against carrying out any transactions with the affected institutions.

The CBN revoked the licences of the 46 microfinance banks with effect from July 1, 2026, after determining that they no longer met the regulatory requirements to continue operating as licensed financial institutions. According to the apex bank, the affected institutions were sanctioned for reasons including insufficient assets to meet liabilities, operating without regulatory approval, prolonged inactivity, failure to commence business within the stipulated period and failure to maintain the minimum capital required by law. 

In a statement issued by the Head of Communication and Public Affairs Department of the NDIC, Hawwau Gambo, the corporation said it had been appointed the official liquidator of the failed banks under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1) and (2) of the NDIC Act 2023. 

Gambo said the appointment empowers the corporation to oversee the orderly winding up of the banks and protect the interests of depositors.

"Following the revocation of the operating licences of 46 Microfinance Banks by the Central Bank of Nigeria on July 1, 2026, the Nigeria Deposit Insurance Corporation has been appointed as the official liquidator," she said. 

She added that the affected institutions have ceased to operate as licensed financial institutions and are no longer authorised to conduct banking business in Nigeria.

The NDIC also announced that it has commenced the immediate takeover of the banks, verification of depositors and payment of insured deposits to eligible customers.

"The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors," the corporation stated. 

The corporation warned members of the public not to carry out any unauthorised transactions with the failed banks or interfere with their assets, records or properties.

"Members of the public are strongly advised against any unauthorised transaction with the closed banks, or any attempt by individuals to remove, conceal, retain or interfere with the assets, records or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences," the statement added. 

NDIC urged affected depositors to remain calm, assuring them that further updates would be provided on the verification of claims and payment of insured deposits as the liquidation process progresses. 

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1. Minji-Se Churchill Microfinance Bank

2. Merchant Microfinance Bank

3. Janmaa Microfinance Bank

4. Busu Microfinance Bank

5. Gold Microfinance Bank

6. Zain Microfinance Bank (formerly Dawakin Tofa MFB)

7. Bompai Microfinance Bank

8. Ajwa Microfinance Bank (formerly Gezawa MFB)

9. NOW NOW Digital Microfinance Bank

10. Crystabel Microfinance Bank

11. Chanelle Microfinance Bank

12. Abia SME Microfinance Bank

13. Kamba Microfinance Bank

14. Iwade Microfinance Bank

15. Winview Microfinance Bank

16. Zuru Microfinance Bank

17. Minjibir Microfinance Bank

18. Sycamore Microfinance Bank

19. Creditville Microfinance Bank

20. Apple Microfinance Bank

21. Frontline Microfinance Bank

22. Safegate Microfinance Bank

23. OurPass Microfinance Bank

24. Verdant Microfinance Bank

25. Avantus Microfinance Bank

26. Kanoploy Microfinance Bank

27. Zafec Microfinance Bank

28. Supreme Microfinance Bank

29. Livingspring Microfinance Bank

30. Bejin-Doko Microfinance Bank

31. Bellbank Microfinance Bank

32. MBAG Microfinance Bank

33. CASHA Microfinance Bank

34. ESTEEM Microfinance Bank

35. TOFA Microfinance Bank

36. ENTERPRENEUR Microfinance Bank

37. BASAWA Alliance Microfinance Bank

38. STRAIGHT SAHARA Microfinance Bank

39. Bestar Microfinance Bank

40. Standford Microfinance Bank

41. Yeneng Microfinance Bank

42. Creekline Microfinance Bank

43. Rimin Gado Microfinance Bank

44. Sumaila Microfinance Bank

45. Mwanghavul Microfinance Bank

46. Shanono Microfinance Bank. 

The CBN said the action forms part of its ongoing efforts to strengthen the stability of Nigeria's banking sector, protect depositors and ensure that only financially sound institutions remain licensed to operate. Meanwhile, the NDIC said it will continue to update depositors and other stakeholders as the liquidation exercise, claims verification and payment process continue.

This article has been updated to correct an editorial error in an earlier version, which incorrectly identified VFD Microfinance Bank Limited as one of the microfinance banks affected by the CBN's licence revocation. VFD Microfinance Bank Limited was not included in the CBN's list of affected institutions. The article has been amended to accurately reflect the official information released by the CBN. We regret the error.