NDIC Invites Depositors of 46 Failed Banks To Come for Their Money, Releases Requirements
- The NDIC has announced plans to verify the customers of 46 microfinance banks that lost their licences
- Depositors with BVN-linked accounts will receive payments through their existing bank accounts, while others must visit affected bank offices
- The 46 affected banks span 20 states and the FCT, with Kano and Lagos having the highest concentration of closed institutions
The Nigeria Deposit Insurance Corporation (NDIC) has begun verifying depositors of 46 microfinance banks whose operating licences the Central Bank of Nigeria (CBN) cancelled on July 1, 2026, marking the first step towards paying out insured deposits to affected customers.
The corporation disclosed in a statement that its officials had moved into the offices of the closed institutions across Nigeria to carry out the verification exercise.
Source: Getty Images
How depositors will receive their money
NDIC said 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.
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 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 FCT.
Kano has the largest share, with 14 banks on the list, while 8 of the banks are located in Lagos.
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Source: Getty Images
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).
List of 10 banks in Nigeria with highest customer deposits
Earlier, Legit.ng reported that customer deposits in commercial banks in Nigeria continued to grow despite economic challenges and inflation.
According to data from bank filings on the Nigerian Exchange Group (NGX), customers' deposits in commercial banks rose to N150.3 trillion.
This represents a N12.8 trillion increase from N137.5 trillion recorded in the full year 2024,
Source: Legit.ng
