In a decisive move to safeguard the financial sector and protect depositors, the Central Bank of Nigeria (CBN) has revoked the operating licenses of 46
Microfinance Banks (MFBs).
The announcement, made on July 1, 2026, signals a significant shake-up in the nation’s microfinance landscape.
Following this revocation, the Nigeria Deposit Insurance Corporation (NDIC) has been swiftly appointed as the official Liquidator for these institutions.
This action is in accordance with Section 12 (2) of BOFIA 2020 and Section 55 (1 & 2) of the NDIC Act 2023, empowering the NDIC to oversee the orderly closure of the affected banks.
The NDIC has issued a strong advisory to the public, emphasizing that these 46 banks are no longer authorized to conduct banking business in Nigeria.
According to the statement, depositors and the general public are urged to refrain from any transactions with the closed banks.
Furthermore, any attempt to remove, conceal, retain, or interfere with the assets, records, or properties of these banks will be considered a violation of the law, carrying severe legal consequences.
Currently, the NDIC has initiated the process of closing these failed banks, which includes immediate takeover, verification of accounts, and the payment of insured sums to eligible depositors.
The Corporation has assured the public that ongoing updates will be provided
regarding the liquidation exercise.
The list of affected Microfinance Banks includes: Minji-Se Churchill MFB of Rivers, Merchant MFB of Abia, Janmaa MFB of Kwara, Busu MFB of Niger, Gold MFB of Lagos, Zain MFB (formerly
Dawakin Tofa MFB) of Kano.
Bompai MFB of Kano, Ajwa MFB (Formerly Gezawa) of Kano, Now Now Digital MFB of Kano Crystabel MFB of Bayelsa, Chanelle MFB of Lagos, Abia SME MFB of Abia, Kamba MFB of Kebbi Iwade MFB of Ogun, Winview MFB of
Abuja.
Zuru MFB of Kebbi, Minjibir MFB of Kano, Shanono MFB of Kano, Sumaila MFB of Kano, Rimin Gado of Kano, Mwaghavul MFB of Plateau, Sycamore MFB of Kano, TOFA MFB of Kano, Safegate MFB of Lagos, Creekline MFB of Delta.
Bestar MFB of Oyo, Livingspring MFB of Cross River, Apple MFB of Ogun, Stanford MFB of Uyo, Frontline MFB of Anambra, Zafec MFB of Kaduna, Supreme MFB of Lagos, Bejin-Doko MFB of Niger, Kanopoly MFB of Kano.
Bellbank MFB formerly Tsanyawa of Kano, Yeneng MFB of Plateau, Creditville MFB of Lagos, MBAG MFB of Lagos STRAIGHT SAHARA MFB of Benue OURPASS MFB of Ondo, VERDANT MFB of Lagos.
Others are: BASAWA MFB of Kaduna, CASHA MFB, Abuja, ESTEEM MFB of Kano ENTERPRENEUR MFB of Lagos, AVANTUS MFB of Osun.
