NDIC totally shuts down 89 banks in Nigeria - See the full list of affected banks

NDIC has begun the final liquidation of several microfinance and mortgage banks in Nigeria. See the full list of affected banks and what it means for customers.

The Nigeria Deposit Insurance Corporation (NDIC) confirmed on Wednesday that it is concluding the liquidation of 89 failed microfinance and primary mortgage banks.  

These are not temporary closures. These banks will never operate again under their former identities. However, they have been acquired by new owners.

The affected institutions were part of a larger group of banks (179 MFBs and 4 PMBs) whose licences were revoked by the Central Bank of Nigeria in May 2023 due to regulatory and financial issues. 

To protect depositors and maintain stability, new investors took over assets and liabilities, and fresh licenses were issued to new institutions.

Banking operations have already resumed, but entirely under new names.

What happens to customers' money?

According to the NDIC, depositors were protected through the ‘Purchase and Assumption’ agreements. This means that new banks took over deposits and operations. 

Customers should now be dealing with the new institutions, not the old ones 

Important note for customers

If you (or someone you know) had money in any of these banks, the NDIC advises affected depositors to do the following:

1. Verify their claims immediately

2. Submit required documentation

3. Follow up on any unpaid balances

Once liquidation is fully concluded, recovering funds becomes significantly harder.

Here is a full list of defunct banks and their respective locations below

1. ARISE MICROFINANCE BANK LIMITED

• New Name: SHINE MICROFINANCE BANK LIMITED

• Location: LAGOS

2. BANCCORP MICROFINANCE BANK LIMITED

• New Name: BLOC MICROFINANCE BANK LIMITED

• Location: LAGOS

3. BISHOPGATE MICROFINANCE BANK LIMITED

• New Name: ADVANCLY MICROFINANCE BANK LIMITED

• Location: LAGOS

4. BRIDGEWAY MICROFINANCE BANK LIMITED

• New Name: BWAY MICROFINANCE BANK LIMITED

• Location: LAGOS

5. BRIYTH COVENANT MICROFINANCE BANK LIMITED

• New Name: WESTON–CHARIS MICROFINANCE BANK LIMITED

• Location: LAGOS

6. CREDIT AFRIQUE MICROFINANCE BANK LIMITED

• New Name: KAIZEN MICROFINANCE BANK LIMITED

• • Location: LAGOS

  7. ECHO MICROFINANCE BANK LIMITED

  • New Name: PLUS ONE MICROFINANCE BANK LIMITED

  • Location: LAGOS

  8. EYOWO MICROFINANCE BANK LIMITED

  • New Name: ENTREPRENEUR MICROFINANCE BANK LIMITED

  • Location: LAGOS

  9. FIYINFOLU MICROFINANCE BANK LIMITED

  New Name: TEERUS MICROFINANCE BANK LIMITED

  Location: LAGOS

10. HACKMAN MICROFINANCE BANK LIMITED

• New Name: LIGHTWAY MICROFINANCE BANK LIMITED

• Location: LAGOS

10. HALMOND MICROFINANCE BANK LIMITED

• New Name: CASA MICROFINANCE BANK LIMITED

• Location: LAGOS

11. MANNA MICROFINANCE BANK LIMITED

• New Name: SAVESIMPLE MICROFINANCE BANK LIMITED

• Location: LAGOS

12. MANNY MICROFINANCE BANK LIMITED

• New Name: SILVEREND MICROFINANCE BANK LIMITED

• Location: LAGOS

13. MAYFAIR MICROFINANCE BANK LIMITED

• New Name: OPTIMUN GLOBAL MICROFINANCE BANK LIMITED

• Location: LAGOS

14. MERCURY MICROFINANCE BANK LIMITED

• New Name: DASH MICROFINANCE BANK LIMITED

• Location: LAGOS

15. MONEYWISE MICROFINANCE BANK LIMITED

• New Name: INDULGE MICROFINANCE BANK LIMITED

• Location: LAGOS

16. NETWORK MICROFINANCE BANK LIMITED

• New Name: UNICORN MICROFINANCE BANK LIMITED

• Location: LAGOS

17. NUTURE MICROFINANCE BANK LIMITED

• New Name: MBAG MICROFINANCE BANK LIMITED

• Location: LAGOS

18. ONYX MICROFINANCE BANK LIMITED

• New Name: DIGITVANT MICROFINANCE BANK LIMITED

• Location: LAGOS

19. OROS CAPITAL MICROFINANCE BANK LIMITED

• New Name: EZPAY MICROFINANCE BANK LIMITED

• Location: LAGOS

20. PENIEL MICROFINANCE BANK LIMITED

• New Name: ZIRCON MICROFINANCE BANK LIMITED

• Location: LAGOS

21. PRIMERA MICROFINANCE BANK LIMITED

• New Name: KOINS MICROFINANCE BANK LIMITED

• Location: LAGOS

22. PURPLE MONEY MICROFINANCE BANK LIMITED

• New Name: WILLOWS MICROFINANCE BANK LIMITED

• Location: LAGOS

23. STALLION MICROFINANCE BANK LIMITED

• New Name: SPRINGFIELD MICROFINANCE BANK LIMITED

• Location: LAGOS

24. SUNRISE MICROFINANCE BANK LIMITED

• New Name: STABLE MICROFINANCE BANK LIMITED

• Location: LAGOS

25. SURBPOLITAN MICROFINANCE BANK LIMITED

• New Name: CHARIS MICROFINANCE BANK LIMITED

• Location: LAGOS

26. VERDANT-CAPITAL MICROFINANCE BANK LIMITED

• New Name: VERDANT MICROFINANCE BANK LIMITED

• Location: LAGOS

27. ZIKADO MICROFINANCE BANK LIMITED

• New Name: AVEST MICROFINANCE BANK LIMITED

• Location: LAGOS

28. MOUAU VASMUCS MICROFINANCE BANK LIMITED

• New Name: MOVASCO-OP MICROFINANCE BANK LIMITED

• Location: ABIA

29. EDUEK MICROFINANCE BANK LIMITED

• New Name: MINT MICROFINANCE BANK LIMITED

• Location: AKWA IBOM

30. INI MICROFINANCE BANK LIMITED

• New Name: UFORO MICROFINANCE BANK LIMITED

• Location: AKWA IBOM

31. NSEHE MICROFINANCE BANK LIMITED

• New Name: VISTA MICROFINANCE BANK LIMITED

• Location: AKWA IBOM

32. ZAWADI MICROFINANCE BANK LIMITED

• New Name: ZITRA MICROFINANCE BANK LIMITED

• Location: AKWA IBOM

33. AKPO MICROFINANCE BANK LIMITED

• New Name: OGANIRU MICROFINANCE BANK LIMITED

• Location: ANAMBRA

34. ANYA MICROFINANCE BANK LIMITED

• New Name: PIONNER (DIOHAUNOEGO) MICROFINANCE BANK LIMITED

• Location: ANAMBRA

35. AWKA MICROFINANCE BANK LIMITED

• New Name: PLANTINUM MICROFINANCE BANK LIMITED

• Location: ANAMBRA

36. ENUGWU-UKWU MICROFINANCE BANK LIMITED

• New Name: UMUNRI MICROFINANCE BANK LIMITED

• Location: ANAMBRA

37. ISI-AKU MICROFINANCE BANK LIMITED

• New Name: ISIEGO MICROFINANCE BANK LIMITED

• Location: ANAMBRA

38. OBOSI MICROFINANCE BANK LIMITED

• New Name: ADIKE MICROFINANCE BANK LIMITED

• Location: ANAMBRA

39. CUB MICROFINANCE BANK LIMITED

• New Name: UNICOOP MICROFINANCE BANK LIMITED

• Location: DELTA

40. UMEJEI MICROFINANCE BANK LIMITED

• New Name: KOLISA MICROFINANCE BANK LIMITED

• Location: DELTA

41. ABC MICROFINANCE BANK LIMITED

• New Name: OKADA MICROFINANCE BANK LIMITED

• Location: EDO

42. EHOR MICROFINANCE BANK LIMITED

• New Name: EHINOMA MICROFINANCE BANK LIMITED

• Location: EDO

43. ESAN MICROFINANCE BANK LIMITED

• New Name: UBJ MICROFINANCE BANK LIMITED

• Location: EDO

44. AMOYE MICROFINANCE BANK LIMITED

• New Name: IKERE MICROFINANCE BANK LIMITED

• Location: EKITI

45. GOLDENFUNDS MICROFINANCE BANK LIMITED

• New Name: ROYAL EXCELLENT MICROFINANCE BANK LIMITED

• Location: ENUGU

46. EVANGEL MICROFINANCE BANK LIMITED

• New Name: VANGEL MICROFINANCE BANK LIMITED

• Location: IMO

47. GREENLAND MICROFINANCE BANK LIMITED

• New Name: 5TT MICROFINANCE BANK LIMITED

• Location: IMO

49. AIYEPE MICROFINANCE BANK LIMITED

• New Name: SPRINGVILLE MICROFINANCE BANK LIMITED

• Location: OGUN

50. INTERLAND MICROFINANCE BANK LIMITED

• New Name: NEXTON MICROFINANCE BANK LIMITED

• Location: OGUN

51. STAR MICROFINANCE BANK LIMITED

• New Name: SOSA MICROFINANCE BANK LIMITED

• Location: OGUN

52. ZIGATE MICROFINANCE BANK LIMITED

• Location: OGUN

53

53. FASILIDAPO MICROFINANCE BANK LIMITED

• New Name: OURPASS MICROFINANCE BANK LIMITED

• Location: ONDO

54. NEWAGE MICROFINANCE BANK LIMITED

• New Name: CASHBRITE MICROFINANCE BANK LIMITED

• Location: ONDO

55. BOLUWADURO MICROFINANCE BANK LIMITED

• New Name: AFOLE MICROFINANCE BANK LIMITED

• Location: OSUN

56. IBA MICROFINANCE BANK LIMITED

• New Name: BANKEASY MICROFINANCE BANK LIMITED

• Location: OSUN

57. IDESE MICROFINANCE BANK LIMITED

• New Name: SOFAJ MICROFINANCE BANK LIMITED

• Location: OSUN

58. OLA MICROFINANCE BANK LIMITED

• New Name: RUN MICROFINANCE BANK LIMITED

• Location: OSUN

59. OLOFIN MICROFINANCE BANK LIMITED

• New Name: DSC MICROFINANCE BANK LIMITED

• Location: OSUN

60. OLOFIN-OWENA MICROFINANCE BANK LIMITED

• New Name: AVANTUS MICROFINANCE BANK LIMITED

• Location: OSUN

61. OSOGBO MICROFINANCE BANK LIMITED

• New Name: BOLD MICROFINANCE BANK LIMITED

• Location: OSUN

62. FIRSTINDEX MICROFINANCE BANK LIMITED

• New Name: RICIA CAPITAL MICROFINANCE BANK LIMITED

• Location: OYO

63. JOINT FARMERS MICROFINANCE BANK LIMITED

• New Name: TELLERONE FI MICROFINANCE BANK LIMITED

• Location: OYO

64. OLOGBON MICROFINANCE BANK LIMITED

• New Name: AKATA MICROFINANCE BANK LIMITED

• Location: OYO

65. IWOAMA MICROFINANCE BANK LIMITED

• New Name: TENN BANK LIMITED

• Location: RIVERS

66. ADAMAWA HOMES & SAVINGS LTD

• New Name: ADAMAWA MORTGAGE BANK LTD

• Location: ADAMAWA

67. MAUTECH MICROFINANCE BANK LIMITED

New Name: MODIBBO ADAMA UNIVERSITY MICROFINANCE BANK LIMITED

Location: ADAMAWA

68. MICHIKA MICROFINANCE BANK LIMITED

New Name: PREMIER MICROFINANCE BANK LIMITED

Location: ADAMAWA

69. BIYAMA MICROFINANCE BANK LIMITED

New Name: DABTIKIR MICROFINANCE BANK LIMITED

Location: ADAMAWA

70. MUSHARAKA MICROFINANCE BANK LIMITED

New Name: MUAMALA MICROFINANCE BANK LIMITED

Location: NIGER

71. DANGIZHI MICROFINANCE BANK LIMITED

New Name: METRO EXPRESS NETWORK MICROFINANCE BANK LIMITED

Location: NIGER

72. EDUMANA MICROFINANCE BANK LIMITED

New Name: EDUSOKO MICROFINANCE BANK LIMITED

Location: NIGER

73. MAINSAIL MICROFINANCE BANK LIMITED

New Name: DUXBANK MICROFINANCE BANK LIMITED

Location: FCT

74. ALLY MICROFINANCE BANK LIMITED

New Name: ULTRAVIOLET MICROFINANCE BANK LIMITED

Location: FCT

75. BUSINESS SUPPORT MICROFINANCE BANK LIMITED

New Name: TRANSPAY MICROFINANCE BANK LIMITED

Location: FCT

76. THE DANIELS GLOBAL MICROFINANCE BANK LIMITED

New Name: SWIFTTRUST MICROFINANCE BANK LIMITED

Location: FCT

77. FIRST MULTIPLE MICROFINANCE BANK LIMITED

New Name: KOBOWEB MICROFINANCE BANK LIMITED

Location: FCT

78. GRASSROOTS MICROFINANCE BANK LIMITED

New Name: MIA MICROFINANCE BANK LIMITED

Location: KANO

79. BLUEWHALES MICROFINANCE BANK LIMITED

New Name: ELLINGTON MICROFINANCE BANK LIMITED

Location: PLATEAU

80. JOSAD MICROFINANCE BANK LIMITED

New Name: PAYREP MICROFINANCE BANK LIMITED

Location: NASARAWA

81. BIPC MICROFINANCE BANK LIMITED

New Name: NOVUS MICROFINANCE BANK LIMITED

Location: BENUE

82. JAMIS MICROFINANCE BANK LIMITED

New Name: STRAIT SAHARA MICROFINANCE BANK LIMITED

Location: BENUE

83. NARICT MICROFINANCE BANK LIMITED

New Name: BASAWA MICROFINANCE BANK LIMITED

Location: KADUNA

84. FAHIMTA MICROFINANCE BANK LIMITED

New Name: CEDRUS MICROFINANCE BANK LIMITED

Location: KADUNA

85. MABINAS MICROFINANCE BANK LIMITED

New Name: AL’HIKMA MICROFINANCE BANK LIMITED

Location: KADUNA

86. NEW WORLD MICROFINANCE BANK LIMITED

New Name: BKD NEW MICROFINANCE BANK LIMITED

Location: JIGAWA

87. NORTHBRIDGE MICROFINANCE BANK LIMITED

New Name: ESTEEM MICROFINANCE BANK LIMITED

Location: KANO

88. OMU-ARAN MICROFINANCE BANK LIMITED

New Name: OLOMU APERAN MICROFINANCE BANK LIMITED

Location: WARA

89. CHERISH MICROFINANCE BANK LIMITED

New Name: COOL MICROFINANCE BANK LIMITED

Location: KATSINA