NDIC Warns Nigerians Against Transactions With 46 Delisted Microfinance Banks (Full List)

• The NDIC has warned Nigerians against conducting transactions with the 46 microfinance banks whose licences were revoked by the CBN, confirming the institutions are no longer authorised to operate.

The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against carrying out any transactions with the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), stressing that the affected institutions are no longer legally authorised to conduct banking business in the country.

In a statement issued on Wednesday by the Head of Communication and Public Affairs, Hawwau Gambo, the corporation disclosed that it has officially been appointed as the liquidator of the failed banks following the CBN’s revocation of their licences on July 1, 2026.

According to the NDIC, the appointment was made in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023, empowering the corporation to oversee the orderly winding-up of the affected financial institutions and protect the interests of depositors.

The corporation warned members of the public not to transact with the affected banks or interfere with their assets, records or properties, noting that such actions could amount to a violation of the law and attract legal consequences.

The NDIC also announced that it has commenced the liquidation process, including taking over the banks, verifying depositors’ claims and paying insured deposits to eligible customers. It assured depositors that further updates would be provided as the liquidation exercise progresses.

The CBN had earlier revoked the operating licences of the 46 microfinance banks for failing to meet key regulatory requirements, including maintaining minimum capital, remaining financially viable and complying with operational regulations.

Full List of the 46 Affected Microfinance Banks

1. Minji-Se Churchill MFB (Rivers)
2. Merchant MFB (Abia)
3. Janmaa MFB (Kwara)
4. Busu MFB (Niger)
5. Gold MFB (Lagos)
6. Zain MFB (formerly Dawakin Tofa MFB) – Kano
7. Bompai MFB (Kano)
8. Ajwa MFB (Kano)
9. Now Now Digital MFB (Kano)
10. Crystabel Microfinance Bank (Bayelsa)
11. Chanelle MFB (Lagos)
12. Abia SME MFB (Abia)
13. Kamba MFB (Kebbi)
14. Iwade MFB (Ogun)
15. Winview MFB (Abuja)
16. Zuru MFB (Kebbi)
17. Minjibir MFB (Kano)
18. Shanono MFB (Kano)
19. Sumaila MFB (Kano)
20. Rimin Gado MFB (Kano)
21. Mwaghavul MFB (Plateau)
22. Sycamore MFB (Kano)
23. TOFA MFB (Kano)
24. Safegate MFB (Lagos)
25. Creekline MFB (Delta)
26. Bestar MFB (Oyo)
27. Livingspring MFB (Cross River)
28. Apple MFB (Ogun)
29. Stanford MFB (Uyo, Akwa Ibom)
30. Frontline MFB (Anambra)
31. Zafec MFB (Kaduna)
32. Supreme MFB (Lagos)
33. Bejin-Doko MFB (Niger)
34. Kanopoly MFB (Kano)
35. Bellbank MFB (formerly Tsanyawa MFB) – Kano
36. Yeneng MFB (Plateau)
37. Creditville MFB (Lagos)
38. MBAG MFB (Lagos)
39. Straight Sahara MFB (Benue)
40. Our Pass MFB (Ondo)
41. VERDANT MFB (Lagos)
42. Basawa MFB (Kaduna)
43. Casha MFB (Abuja)
44. Esteem MFB (Kano)
45. Enterpreneur MFB (Lagos)
46. Avantus MFB (Osun)