CBN SHUTS DOWN 46 MICROFINANCE BANKS, HANDS LIQUIDATION TO NDIC

CBN SHUTS DOWN 46 MICROFINANCE BANKS, HANDS LIQUIDATION TO NDIC
Regulator Warns Public to Steer Clear of Affected Banks
By Prince Benson Davies

The Central Bank of Nigeria has withdrawn the operating licences of 46 Microfinance Banks with effect from July 1, 2026. The Nigeria Deposit Insurance Corporation has since been named Liquidator under Section 12(2) of BOFIA 2020 and Section 55(1 & 2) of the NDIC Act 2023, with a mandate to oversee an orderly closure of the failed institutions.

In a public notice, the NDIC said the banks are no longer licensed to conduct any form of banking business in Nigeria. The Corporation stated that it has moved swiftly to take possession of the institutions, commence records verification, and begin the process of settling insured depositors in line with the law.

The NDIC cautioned individuals and businesses against dealing with the affected banks in any capacity. It added that tampering with, hiding, keeping, or interfering with the assets, records or properties of the closed institutions would amount to an offence and may lead to legal action.

According to the Corporation, the liquidation will proceed in stages to ensure accountability and clarity. It said depositors and other interested parties will be kept informed as the exercise progresses, including updates on claims validation and the disbursement of insured funds.

The affected Microfinance Banks are listed below:

S/NO MFB CATEGORY STATE
1 Minji-Se Churchill MFB Tier 1 Rivers
2 Merchant MFB Tier 2 Abia
3 Janmaa MFB Tier 1 Kwara
4 Busu MFB Tier 2 Niger
5 Gold MFB Tier 1 Lagos
6 Zain MFB (formerly Dawakin Tofa MFB) Tier 2 Kano
7 Bompai MFB Tier 1 Kano
8 Ajwa MFB (Formerly Gezawa) Tier 2 Kano
9 Now Digital MFB Tier 2 Kano
10 Crystabel Microfinance Bank Tier 1 Bayelsa
11 Chanelle MFB State Lagos
12 Abia SME MFB Tier 1 Abia
13 Kamba MFB Tier 2 Kebbi
14 Iwade MFB Tier 2 Ogun
15 Winview MFB Tier 1 Abuja
16 Zuru MFB Tier 2 Kebbi
17 Minjibir MFB Tier 1 Kano
18 Shanono MFB Tier 2 Kano
19 Sumaila MFB Tier 2 Kano
20 Rimin Gado MFB Tier 2 Kano
21 Mwaghavul MFB State Plateau
22 Sycamore MFB Tier 2 Kano
23 TOFA MFB Tier 2 Kano
24 Safegate MFB Tier 1 Lagos
25 Creekline MFB Tier 2 Delta
26 Bestar MFB Tier 1 Oyo
27 Livingspring MFB Tier 1 Cross River
28 Apple MFB Tier 2 Ogun
29 Stanford MFB State Uyo
30 Frontline MFB Tier 2 Anambra
31 Zafec MFB Tier 2 Kaduna
32 Supreme MFB Tier 1 Lagos
33 Bejin-Doko MFB Tier 2 Niger
34 Kanopoly MFB Tier 1 Kano
35 Bellbank MFB formerly Tsanyawa Tier 2 Kano
36 Yeneng MFB Tier 2 Plateau
37 Creditville MFB Tier 1 Lagos
38 MBAG MFB Tier 1 Lagos
39 STRAIGHT SAHARA MFB Tier 1 Benue
40 OURPASS MFB Tier 2 Ondo
41 VERDANT MFB Tier 1 Lagos
42 BASAWA MFB Tier 2 Kaduna
43 CASHA MFB Tier 2 Abuja
44 ESTEEM MFB Tier 2 Kano
45 ENTERPRENEUR MFB Tier 1 Lagos
46 AVANTUS MFB Tier 2 Osun

The NDIC reaffirmed its commitment to safeguarding depositors to the extent of insured limits and to carrying out the liquidation in strict compliance with regulatory requirements and existing laws.