REVOCATION OF THE OPERATING LICENSES OF 46 MICROFINANCE BANKS BY THE CENTRAL BANK OF NIGERIA

PRESS STATEMENT

Following the revocation of the operating licenses of 46 Microfinance Banks (MFBs) by the Central Bank of Nigeria (CBN), on July 1, 2026, the Nigeria Deposit Insurance Corporation (NDIC), has been appointed as the official Liquidator, pursuant to 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 authorized to conduct banking business in Nigeria. 

Consequently, members of the public are strongly advised against any unauthorized 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 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.

Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise. 

The list of the affected MFBs is as follows:

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 (foremerly Dawakin Tofa MFB) 

Tier 2 

Kano 

7 

Bompai MFB 

Tier 1 

Kano 

8 

Ajwa MFB (Formerly Gezawa) 

Tier 2 

Kano 

9 

Now 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 

Delta 

Tier 2 

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 

Hawwau Gambo

Head, Communication & Public Affairs Department

July 1, 202

www.ndic.gov.ng