The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), assuring depositors that the process of verifying and paying insured deposits has begun.
The revocation, which took effect on July 1, 2026, followed a decision by the CBN to withdraw the operating licences of the affected microfinance banks. Under Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1) and (2) of the NDIC Act 2023, the NDIC has been appointed as the official liquidator of the failed institutions.
In a statement signed by the Head of Communication and Public Affairs Department, Hawwau Gambo, the Corporation said the affected banks are no longer authorised to conduct banking business in Nigeria.
The NDIC warned members of the public against carrying out any transactions with the closed banks or attempting to remove, conceal, retain or interfere with their assets, records or properties, noting that such actions constitute violations of the law and could attract legal sanctions.
According to the Corporation, it has immediately taken over the failed banks and commenced an orderly closure process, including the verification of depositors and payment of insured sums to eligible customers.
The Corporation also assured depositors and other stakeholders that it would continue to provide updates on the liquidation exercise and the procedures for accessing their insured deposits.
The affected institutions include Minji-Se Churchill Microfinance Bank, Merchant Microfinance Bank, Janmaa Microfinance Bank, Gold Microfinance Bank, Bompai Microfinance Bank, Now Now Digital Microfinance Bank, Safegate Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, MBAG Microfinance Bank, Verdant Microfinance Bank, Entrepreneur Microfinance Bank and 34 other microfinance banks spread across Lagos, Kano, Abuja, Rivers, Abia, Kebbi, Niger, Ogun, Kaduna, Plateau, Delta, Oyo, Cross River, Benue, Ondo, Osun, Bayelsa and Anambra states.
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