NDIC begins verification of customers of 46 failed Nigerian banks

The Nigeria Deposit Insurance Corporation (NDIC) has started verifying depositors of 46 microfinance banks whose operating licences the Central Bank of Nigeria (CBN) cancelled on July 1, 2026. This marks 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.

How depositors will get paid

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. They must bring 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."

States and banks affected

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.

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).

What this means for depositors

For affected depositors, the verification process is the first step to recovering insured funds. Those with BVN-linked accounts will get paid faster through their existing bank accounts. Others must move quickly to visit the bank offices with the required documents. The high number of closures in Kano and Lagos shows the concentration of troubled microfinance banks in those states. Depositors should act promptly to avoid delays in receiving their insured deposits.