The Nigeria Deposit Insurance Corporation (NDIC) has commenced the verification of depositors of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN) on July 1, 2026. This marks the first step towards paying out insured deposits to affected customers.
How Depositors Will Receive Their Money
The NDIC stated that customers whose Bank Verification Numbers (BVNs) are linked to their accounts at any of the failed banks will have their insured deposits paid directly into their accounts at other banks. Those without a BVN linked to their accounts must visit the affected bank's office in person, bringing proof of account ownership, a valid means of identification (such as a driver's licence, Permanent Voter's Card, International Passport, or National Identity Card), a passport photograph, and their BVN.
The NDIC also advised depositors to file claims via the Pre-Verification Claims Form on its website or by visiting any of its offices nationwide to complete the process. Customers with enquiries may contact the corporation on 09037273810, 09038197064, 08104220807, or 09064657140.
Full List of Failed Microfinance Banks
The closed institutions are spread across Abia, Akwa Ibom, Anambra, Bayelsa, Benue, Cross River, Delta, Kaduna, Kano, Kebbi, Kwara, Lagos, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Rivers, and the Federal Capital Territory. Kano has the largest share, with 14 banks on the list, while 8 of the banks are located in Lagos.
The affected microfinance banks are:
- Merchant Microfinance Bank (Abia)
- Abia SME Microfinance Bank (Abia)
- Winview Microfinance Bank Limited (FCT)
- Casha Microfinance Bank (Akwa Ibom)
- Stanford Microfinance Bank (Akwa Ibom)
- Frontline Microfinance Bank (Anambra)
- Crystabel Microfinance Bank (Bayelsa)
- Strait Sahara Microfinance Bank Limited (Benue)
- Livingspring Microfinance Bank (Cross River)
- Creekline Microfinance Bank (Delta)
- Zafec Microfinance Bank Limited (Kaduna)
- Basawa Microfinance Bank Limited (Kaduna)
- Zain Microfinance Bank (formerly Dawakin Tofa MFB) (Kano)
- Bompai Microfinance Bank (Kano)
- Ajwa Microfinance Bank (formerly Gezawa MFB) (Kano)
- NOW NOW Digital Microfinance Bank Limited (formerly Doguwa MFB) (Kano)
- Minjibir Microfinance Bank (Kano)
- Shanono Microfinance Bank (Kano)
- Sumaila Microfinance Bank (Kano)
- Rimin Gado Microfinance Bank (Kano)
- Sycamore Microfinance Bank Limited (Kano)
- Tofa Microfinance Bank (Kano)
- Kanopoly Microfinance Bank (Kano)
- Bellbank Microfinance Bank (formerly Tsanyawa MFB) (Kano)
- Esteem Microfinance Bank Limited (Kano)
- Kamba Microfinance Bank (Kebbi)
- Zuru Microfinance Bank (Kebbi)
- Janmaa Microfinance Bank (Kwara)
- Gold Microfinance Bank (Lagos)
- Chanelle Microfinance Bank (Lagos)
- Safegate Microfinance Bank (Lagos)
- Supreme Microfinance Bank (Lagos)
- Creditville Microfinance Bank Limited (Lagos)
- MBAG Microfinance Bank Limited (Lagos)
- Verdant-Capital Microfinance Bank Limited (Lagos)
- Entrepreneur Microfinance Bank Limited (Lagos)
- Busu Microfinance Bank (Niger)
- Bejin-Doko Microfinance Bank Limited (Niger)
- Iwade Microfinance Bank (Ogun)
- Apple Microfinance Bank Limited (Ogun)
- OurPass Microfinance Bank Limited (Ondo)
- Avantus Microfinance Bank Limited (Osun)
- Best Star Microfinance Bank Limited (Oyo)
- Mwaghavul Microfinance Bank (Plateau)
- Yeneng Microfinance Bank (Plateau)
- Minji-Se Churchill Microfinance Bank (Rivers)
