The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final phase in the resolution of 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs), marking a significant step in Nigeria’s ongoing financial sector clean-up.
The affected institutions were among the 183 financial entities—comprising 179 MFBs and four PMBs—whose operating licences were revoked by the Central Bank of Nigeria (CBN) on May 22 and 23, 2023, following regulatory infractions.
P&A Model Drives Transition
Under the Purchase and Assumption (P&A) framework deployed by the NDIC, 89 new institutions were licensed by the CBN to assume the assets and liabilities of the failed banks. These successor institutions have since commenced operations under new corporate identities, ensuring continuity of services and depositor protection.
This approach has been widely regarded as a strategic resolution mechanism, designed to:
Minimise systemic disruption
Preserve depositor confidence
Maintain financial stability within the microfinance sub-sector
Legal Closure Process Begins
To formally conclude the liquidation process, the NDIC—acting in its statutory capacity as liquidator—will file applications across various divisions of the Federal High Court seeking:
Orders for the dissolution of the defunct banks
Legal discharge of the NDIC as liquidator
This judicial step represents the final administrative closure of the affected institutions in line with the Corporation’s enabling laws.
Geographical Spread and Sector Impact
The 89 institutions span multiple states, including Lagos, Anambra, Oyo, Kaduna, Rivers, and the Federal Capital Territory, reflecting the widespread scope of the 2023 regulatory action.
Notably, Lagos accounts for a significant proportion of the resolved entities, underscoring both the scale of microfinance activity in the state and the depth of regulatory intervention required.
Key Highlights from the Transition
89 defunct banks successfully resolved through P&A transactions
89 newly licensed institutions now operational nationwide
Full legal dissolution process now underway
Strengthened regulatory enforcement across Nigeria’s microfinance ecosystem
Strategic Implications
The NDIC’s action signals a decisive shift toward stricter compliance enforcement and improved sector governance. It also reinforces the credibility of Nigeria’s financial safety-net architecture, particularly in safeguarding small depositors who rely heavily on microfinance institutions.
As the liquidation process advances toward judicial conclusion, stakeholders will be watching closely to assess the long-term resilience and performance of the newly established institutions that have inherited the assets and obligations of the failed banks.
The list of the defunct banks and assuming new banks are as follows:
S/N
OLD NAME
NEW NAME
LOCATION
1
MOUAU VASMUCS MICROFINANCE BANK LIMITED
MOVASCO-OP MICROFINANCE BANK LIMITED
ABIA
2
EDUEK MICROFINANCE BANK LIMITED
MINT MICROFINANCE BANK LIMITED
AKWA IBOM
3
INI MICROFINANCE BANK LIMITED
UFORO MICROFINANCE BANK LIMITED
AKWA IBOM
4
NSEHE MICROFINANCE BANK LIMITED
VISTA MICROFINANCE BANK LIMITED
AKWA IBOM
5
ZAWADI MICROFINANCE BANK LIMITED
ZITRA MICROFINANCE BANK LIMITED
AKWA IBOM
6
AKPO MICROFINANCE BANK LIMITED
OGANIRU MICROFINANCE BANK LIMITED
ANAMBRA
7
ANYA MICROFINANCE BANK LIMITED
PIONNER (DIOHAUNOEGO) MICROFINANCE BANK LIMITED
ANAMBRA
8
AWKA MICROFINANCE BANK LIMITED
PLANTINUM MICROFINANCE BANK LIMITED
ANAMBRA
9
ENUGWU-UKWU MICROFINANCE BANK LIMITED
UMUNRI MICROFINANCE BANK LIMITED
ANAMBRA
10
ISI-AKU MICROFINANCE BANK LIMITED
ISIEGO MICROFINANCE BANK LIMITED
ANAMBRA
11
OBOSI MICROFINANCE BANK LIMITED
ADIKE MICROFINANCE BANK LIMITE
ANAMBRA
12
CUB MICROFINANCE BANK LIMITED
UNICOOP MICROFINANCE BANK LIMITED
DELTA
13
UMEJEI MICROFINANCE BANK LIMITED
KOLISA MICROFINANCE BANK LIMITED
DELTA
14
ABC MICROFINANCE BANK LIMITED
OKADA MICROFINANCE BANK LIMITED
EDO
15
EHOR MICROFINANCE BANK LIMITED
EHINOMA MICROFINANCE BANK LIMITED
EDO
16
ESAN MICROFINANCE BANK LIMITED
UBJ MICROFINANCE BANK LIMITED
EDO
17
AMOYE MICROFINANCE BANK LIMITED
IKERE MICROFINANCE BANK LIMITED
EKITI
18
GOLDENFUNDS MICROFINANCE BANK LIMITED
ROYAL EXCELLENT MICROFINANCE BANK LIMITED
ENUGU
19
EVANGEL MICROFINANCE BANK LIMITED
VANGEL MICROFINANCE BANK LIMITED
IMO
20
GREENLAND MICROFINANCE BANK LIMITED
5TT MICROFINANCE BANK LIMITED
IMO
21
ARISE MICROFINANCE BANK LIMITED
SHINE MICROFINANCE BANK LIMITED
LAGOS
22
BANCCORP MICROFINANCE BANK LIMITED
BLOC MICROFINANCE BANK LIMITED
LAGOS
23
BISHOPGATE MICROFINANCE BANK LIMITED
ADVANCLY MICROFINANCE BANK LIMITED
LAGOS
24
BRIDGEWAY MICROFINANCE BANK LIMITED
BWAY MICROFINANCE BANK LIMITED
LAGO
25
BRIYTH COVENANT MICROFINANCE BANK LIMITED
WESTON–CHARIS MICROFINANCE BANK LIMITED
LAGOS
26
CREDIT AFRIQUE MICROFINANCE BANK LIMITED
KAIZEN MICROFINANCE BANK LIMITED
LAGOS
27
ECHO MICROFINANCE BANK LIMITED
PLUS ONE MICROFINANCE BANK LIMITED
LAGOS
28
EYOWO MICROFINANCE BANK LIMITED
ENTREPRENEUR MICROFINANCE BANK LIMITED
LAGOS
29
FIYINFOLU MICROFINANCE BANK LIMITED
TEERUS MICROFINANCE BANK LIMITED
LAGOS
30
HACKMAN MICROFINANCE BANK LIMITED
LIGHTWAY MICROFINANCE BANK LIMITED
LAGOS
31
HALMOND MICROFINANCE BANK LIMITED
CASA MICROFINANCE BANK LIMITED
LAGOS
32
MANNA MICROFINANCE BANK LIMITED
SAVESIMPLE MICROFINANCE BANK LIMITED
LAGOS
33
MANNY MICROFINANCE BANK LIMITED
SILVEREND MICROFINANCE BANK LIMITED
LAGOS
34
MAYFAIR MICROFINANCE BANK LIMITED
OPTIMUN GLOBAL MICROFINANCE BANK LIMITED
LAGOS
35
MERCURY MICROFINANCE BANK LIMITED
DASH MICROFINANCE BANK LIMITED
LAGOS
36
MONEYWISE MICROFINANCE BANK LIMITED
INDULGE MICROFINANCE BANK LIMITED
LAGOS
37
NETWORK MICROFINANCE BANK LIMITED
UNICORN MICROFINANCE BANK LIMITED
LAGOS
38
NUTURE MICROFINANCE BANK LIMITED
MBAG MICROFINANCE BANK LIMITED
LAGOS
39
ONYX MICROFINANCE BANK LIMITED
DIGITVANT MICROFINANCE BANK LIMITED
LAGOS
40
OROS CAPITAL MICROFINANCE BANK LIMITED
EZPAY MICROFINANCE BANK LIMITED
LAGOS
41
PENIEL MICROFINANCE BANK LIMITED
ZIRCON MICROFINANCE BANK LIMITED
LAGOS
42
PRIMERA MICROFINANCE BANK LIMITED
KOINS MICROFINANCE BANK LIMITED
LAGOS
43
PURPLE MONEY MICROFINANCE BANK LIMITED
WILLOWS MICROFINANCE BANK LIMITED
LAGOS
44
STALLION MICROFINANCE BANK LIMITED
SPRINGFIELD MICROFINANCE BANK LIMITED
LAGOS
45
SUNRISE MICROFINANCE BANK LIMITED
STABLE MICROFINANCE BANK LIMITED
LAGOS
46
SURBPOLITAN MICROFINANCE BANK LIMITED
CHARIS MICROFINANCE BANK LIMITED
LAGOS
47
VERDANT-CAPITAL MICROFINANCE BANK LIMITED
VERDANT MICROFINANCE BANK LIMITED
LAGOS
48
ZIKADO MICROFINANCE BANK LIMITED
AVEST MICROFINANCE BANK LIMITED
LAGOS
49
AIYEPE MICROFINANCE BANK LIMITED
SPRINGVILLE MICROFINANCE BANK LIMITED
OGUN
50
INTERLAND MICROFINANCE BANK LIMITED
NEXTON MICROFINANCE BANK LIMITED
OGUN
51
STAR MICROFINANCE BANK LIMITED
SOSA MICROFINANCE BANK LIMITED
OGUN
52
ZIGATE MICROFINANCE BANK LIMITED
KATSU MICROFINANCE BANK LIMITED
OGUN
53
FASILIDAPO MICROFINANCE BANK LIMITED
OURPASS MICROFINANCE BANK LIMITED
ONDO
54
NEWAGE MICROFINANCE BANK LIMITED
CASHBRITE MICROFINANCE BANK LIMITED
ONDO
55
BOLUWADURO MICROFINANCE BANK LIMITED
AFOLE MICROFINANCE BANK LIMITED
OSUN
56
IBA MICROFINANCE BANK LIMITED
BANKEASY MICROFINANCE BANK LIMITED
OSUN
57
IDESE MICROFINANCE BANK LIMITED
SOFAJ MICROFINANCE BANK LIMITED
OSUN
58
OLA MICROFINANCE BANK LIMITED
RUN MICROFINANCE BANK LIMITED
OSUN
59
OLOFIN MICROFINANCE BANK LIMITED
DSC MICROFINANCE BANK LIMITED
OSUN
60
OLOFIN-OWENA MICROFINANCE BANK LIMITED
AVANTUS MICROFINANCE BANK LIMITED
OSUN
61
OSOGBO MICROFINANCE BANK LIMITED
BOLD MICROFINANCE BANK LIMITED
OSUN
62
FIRSTINDEX MICROFINANCE BANK LIMITED
RICIA CAPITAL MICROFINANCE BANK LIMITED
OYO
63
JOINT FARMERS MICROFINANCE BANK LIMITED
TELLERONE FI MICROFINANCE BANK LIMITED
OYO
64
OLOGBON MICROFINANCE BANK LIMITED
AKATA MICROFINANCE BANK LIMITED
OYO
65
IWOAMA MICROFINANCE BANK LIMITED
TENN BANK LIMITED
RIVERS
66
ADAMAWA HOMES & SAVINGS LTD
ADAMAWA MORTGAGE BANK LTD
ADAMAWA
67
MAUTECH MICROFINANCE BANK LIMITED
MODIBBO ADAMA UNIVERSITY MICROFINANCE BANK LIMITED
ADAMAWA
68
MICHIKA MICROFINANCE BANK LIMITED
PREMIER MICROFINANCE BANK LIMITED
ADAMAWA
69
BIYAMA MICROFINANCE BANK LIMITED
DABTIKIR MICROFINANCE BANK LIMITED
ADAMAWA
70
MUSHARAKA MICROFINANCE BANK LIMITED
MUAMALA MICROFINANCE BANK LIMITED
NIGER
71
DANGIZHI MICROFINANCE BANK LIMITED
METRO EXPRESS NETWORK MICROFINANCE BANK LIMITED
NIGER
72
EDUMANA MICROFINANCE BANK LIMITED
EDUSOKO MICROFINANCE BANK LIMITED
NIGER
73
MAINSAIL MICROFINANCE BANK LIMITED
DUXBANK MICROFINANCE BANK LIMITED
FCT
74
ALLY MICROFINANCE BANK LIMITED
ULTRAVIOLET MICROFINANCE BANK LIMITED
FCT
75
BUSINESS SUPPORT MICROFINANCE BANK LIMITED
TRANSPAY MICROFINANCE BANK LIMITED
FCT
76
THE DANIELS GLOBAL MICROFINANCE BANK LIMITED
SWIFTTRUST MICROFINANCE BANK LIMITED
FCT
77
FIRST MULTIPLE MICROFINANCE BANK LIMITED
KOBOWEB MICROFINANCE BANK LIMITED
FCT
78
GRASSROOTS MICROFINANCE BANK LIMITED
MIA MICROFINANCE BANK LIMITED
KANO
79
BLUEWHALES MICROFINANCE BANK LIMITED
ELLINGTON MICROFINANCE BANK LIMITED
PLATEAU
80
JOSAD MICROFINANCE BANK LIMITED
PAYREP MICROFINANCE BANK LIMITED
NASARAWA
81
BIPC MICROFINANCE BANK LIMITED
NOVUS MICROFINANCE BANK LIMITED
BENUE
82
JAMIS MICROFINANCE BANK LIMITED
STRAIT SAHARA MICROFINANCE BANK LIMITED
BENUE
83
NARICT MICROFINANCE BANK LIMITED
BASAWA MICROFINANCE BANK LIMITED
KADUNA
84
FAHIMTA MICROFINANCE BANK LIMITED
CEDRUS MICROFINANCE BANK LIMITED
KADUNA
85
MABINAS MICROFINANCE BANK LIMITED
AL’HIKMA MICROFINANCE BANK LIMITED
KADUNA
86
NEW WORLD MICROFINANCE BANK LIMITED
BKD NEW MICROFINANCE BANK LIMITED
JIGAWA
87
NORTHBRIDGE MICROFINANCE BANK LIMITED
ESTEEM MICROFINANCE BANK LIMITED
KANO
88
OMU-ARAN MICROFINANCE BANK LIMITED
OLOMU APERAN MICROFINANCE BANK LIMITED
KWARA
89
CHERISH MICROFINANCE BANK LIMITED
COOL MICROFINANCE BANK LIMITED
KATSINA
