The Nigeria Deposit Insurance Corporation (NDIC) has commenced the verification of customers affected by the closure of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN) on July 1, 2026.
The exercise represents the initial phase of the process to reimburse insured deposits to eligible account holders.
In a statement released by the corporation, the NDIC confirmed that its officials have been deployed to the offices of the affected microfinance banks across the country to verify depositors before payments begin.
How depositors will receive their money
According to the NDIC, depositors whose Bank Verification Numbers (BVNs) are linked to their accounts with any of the failed microfinance banks will automatically receive their insured deposits through their accounts in 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 corporation further encouraged affected customers to submit their claims using the Pre-Verification Claims Form available on its website or by visiting any NDIC office across the country to complete the claims process.
It said: “Customers with enquiries may contact the corporation on 09037273810, 09038197064, 08104220807, or 09064657140.”
Full list of latest failed microfinance banks in Nigeria
The affected institutions are located 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 (FCT).
Among the affected states, Kano accounts for the highest number with 14 microfinance banks, while Lagos follows with eight institutions on the list.
List of the affected microfinance banks
- 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).
