NDIC Takes Over 46 Failed Microfinance Banks, Begins Depositors’ Refund Process
NDIC Takes Over 46 Failed Microfinance Banks, Begins Depositors’ Refund Process
The Nigeria Deposit Insurance Corporation (NDIC) has formally taken over the liquidation of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), assuring depositors that the process of verifying claims and paying insured deposits has commenced.
The NDIC announced that its appointment as the official liquidator followed the CBN’s revocation of the banks’ licences on July 1, 2026, in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1) and (2) of the NDIC Act 2023.
In a statement issued by the Head of Communication and Public Affairs Department, Hawwau Gambo, the Corporation said the affected institutions have ceased to operate as licensed banks and are no longer authorised to carry out banking business in Nigeria.
The corporation warned members of the public against engaging in any transactions with the closed banks. It also cautioned individuals against removing, concealing, retaining or tampering with the banks’ assets, records, or properties, stressing that such actions constitute violations of the law and could attract legal sanctions
According to the NDIC, it has commenced the orderly closure of the failed institutions through their immediate takeover, verification of depositors’ records, and payment of insured sums to eligible customers.
The corporation assured depositors and other stakeholders that regular updates would be provided throughout the liquidation process, including information on the payment of insured deposits and other necessary procedures.
The affected microfinance banks are
Minji-Se Churchill MFB (Rivers), Merchant MFB (Abia), Janmaa MFB (Kwara), Busu MFB (Niger), Gold MFB (Lagos), Zain MFB (formerly Dawakin Tofa,MFB) (Kano), Bompai MFB (Kano), Ajwa MFB (formerly Gezawa MFB) (Kano), NowNow Digital MFB (Kano), Crystabel Microfinance Bank (Bayelsa), Chanelle MFB (Lagos) and Abia, SME MFB (Abia)
Others are Kamba MFB (Kebbi), Iwade MFB (Ogun),Winview MFB (FCT),Zuru MFB (Kebbi),Minjibir MFB (Kano), Shanono MFB (Kano), Sumaila MFB (Kano), Rimin Gado MFB (Kano), Mwaghavul MFB (Plateau), Sycamore MFB (Kano), Tofa MFB (Kano),Safegate MFB (Lagos), Creekline MFB (Delta) and Bestar MFB (Oyo)
Also Livingspring MFB (Cross River), Apple MFB (Ogun), Stanford MFB (Akwa Ibom), Frontline MFB (Anambra), Zafec MFB (Kaduna), Supreme MFB (Lagos), Bejin-Doko MFB (Niger), Kanopoly MFB (Kano), Bellbank MFB (formerly, Tsanyawa MFB) (Kano), Yeneng MFB (Plateau), Creditville MFB (Lagos), MBAG MFB (Lagos), Straight Sahara MFB (Benue), OurPass MFB (Ondo), Verdant MFB (Lagos), Basawa MFB (Kaduna), Casha MFB (FCT), Esteem MFB (Kano), Entrepreneur MFB (Lagos) and Avantus MFB (Osun).
