The Nigeria Deposit Insurance Corporation (NDIC), has been appointed liquidator for 46 Microfinance Banks whose operating licenses were revoked by the Central Bank of Nigeria (CBN).
ThePreview Media had earlier reported that the CBN revoked the operating licenses of forty-six Microfinance Banks with effect from 1 July 2026.
The apex bank said the revocation was approved by its Governor, Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions.
CBN said the action became necessary because of the bank’s insufficient assets to meet liabilities, closure of operations without the CBN approval, inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.
NDIC Head, Communication & Public Affairs Department, Hawwau Gambo, in a statement on Wednesday said its appointment follows Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023.
“It is in this capacity that the corporation wishes to inform the depositors of the banks in particular and the general public in general that the affected institutions are no longer authorised to conduct banking business in Nigeria,” the statement said.
It advised members of the public 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, noting that this may constitute a violation of the law that could attract appropriate legal consequences.
The NDIC said it 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.
“Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise,” it said.
The revoked Microfinance Banks are:
1. Minji-Se Churchill MFB
2. Merchant MFB
3. Janmaa MFB
4. Busu MFB
5. Gold MFB
6. Zain MFB (formerly Dawakin Tofa MFB)
7. Bompai MFB
8. Ajwa MFB (Formerly Gezawa)
9. NOW NOW DIGITAL MFB
10. Crystabel Microfinance Bank
11. Chanelle MFB
12. Abia SME MFB
13. Kamba MFB
14. Iwade MFB
15. Winview MFB
16. Zuru MFB
17. Minjibir MFB
18. Shanono MFB
19. Sumaila MFB
20. Rimin Gado MFB
21. Mwaghavul MFB
22. Sycamore MFB
23. TOFA MFB
24. Safegate MFB
25. Creekline MFB
26. Bestar MFB
27. Livingspring MFB
28. Apple MFB
29. Stanford MFB
30. Frontline MFB
31. Zafec MFB
32. Supreme MFB
33. Bejin-Doko MFB
34. Kanopoly MFB
35. Bellbank MFB (formerly Tsanyawa)
36. Yeneng MFB
37. Creditville MFB
38. MBAG MFB
39. STRAIGHT SAHARA MFB
40. OURPASS MFB
41. VERDANT MFB
42. BASAWA MFB
43. CASHA MFB
44. ESTEEM MFB
45. ENTREPRENEUR MFB
46. AVANTUS MFB
