• The CBN has revoked the licences of 46 microfinance banks across Nigeria over regulatory breaches, raising questions for affected customers
• If your account is with one of the affected banks, there are important steps you should take immediately instead of panicking
• The NDIC says most depositors are protected under Nigeria's deposit insurance framework, but customers still need to verify their status and follow official instructions

If you have money in a microfinance bank, don't ignore this news.

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks, and many customers are now asking one question: What happens to my money?

Before panic sets in, here's what happened, what it means, and the practical steps you should take if your bank is on the list.

Why did the CBN revoke the licences?

According to the CBN, the affected banks failed to meet one or more regulatory requirements required to continue operating.

The regulator said the reasons include:

• Insufficient assets to meet liabilities.
• Closing operations without CBN approval.
• Remaining inactive or ceasing financial intermediation for prolonged periods.
• Failing to commence operations within 12 months of receiving a licence.
• Failure to maintain the required minimum capital.

The decision reportedly took effect on July 1, 2026, after approval by CBN Governor Olayemi Cardoso.

Full list of some affected microfinance banks

Among the banks mentioned are:

Gold Microfinance Bank, Creditville Microfinance Bank, Supreme Microfinance Bank, Winview Microfinance Bank, Merchant Microfinance Bank, Safegate Microfinance Bank, NOW NOW Digital Microfinance Bank, Bompai Microfinance Bank, Minjibir Microfinance Bank, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, TOFA Microfinance Bank, Kanopoly Microfinance Bank, Esteem Microfinance Bank, among others.

Note: The CBN said the affected institutions span 46 microfinance banks across several states, including Lagos, Kano, Abuja, Ogun, Rivers, Oyo, Osun, Kaduna, Niger, Plateau, Bayelsa, Delta, Benue, Cross River, Kebbi, Kwara, Ondo, Anambra and Abia.

What should customers do?

This is the part that matters most.

If you have an account with any of the affected banks, here's what financial experts generally advise while waiting for official directions from regulators.

1. Confirm your bank is on the affected list

Don't rely on WhatsApp broadcasts or social media screenshots.

Cross-check your bank's name against the official CBN notice.

2. Gather your banking records

Keep copies of the following: Account number, BVN, transaction history, account statements, deposit receipts, and any valid means of identification.

These documents may be useful if claims or verification become necessary.

3. Follow updates from the NDIC

The Nigeria Deposit Insurance Corporation (NDIC) is responsible for handling insured deposits when licensed banks fail.

Avoid relying on rumours. Watch for official announcements on reimbursement procedures or claims.

4. Don't pay anyone who promises to "recover your money"

Whenever banks close, scammers become active.

Be suspicious of anyone demanding processing fees, agent charges or "fast-track" payments to recover your deposits.

5. Keep your contact details updated

If regulators need to contact depositors, having updated phone numbers and email addresses could make communication easier.

6. Monitor official announcements

The CBN and NDIC may release additional information on timelines, claims procedures and customer support channels.

Is your money protected?

The NDIC recently said that more than 281 million depositors across Nigeria's banking system are protected under the country's deposit insurance framework.

The corporation also said it currently provides deposit insurance across 914 licensed financial institutions, while more than 98 per cent of depositors are fully insured following the upward review of deposit insurance limits introduced in May 2024.

However, being insured does not necessarily mean every depositor will follow the exact same reimbursement process, so customers should wait for official guidance specific to the affected institutions.

What this means

The CBN says the move is part of efforts to strengthen Nigeria's financial system, enforce compliance and protect depositors.

For customers, the most important thing right now is not to panic, but don't ignore the news either.

If your microfinance bank appears on the affected list, verify the information, keep your account records safe, monitor updates from the CBN and NDIC, and avoid anyone promising quick access to your funds for a fee.

The coming days are likely to bring more official guidance, so staying informed could save you from unnecessary stress or even fraud.

Heritage Bank can no longer operate in Nigeria as CBN revokes its licence

Meanwhile, TheRadar earlier reported that the Central Bank of Nigeria revoked the operating licence of Heritage Bank Plc, one of the country's commercial banks.

According to the statement, the Central Bank was acting in line with its mandate to support a stable financial system in Nigeria and the exercise of its authority under Section 12(1l) of the Banks and Other Financial Act (BOFIA) 2020.

CBN said it revoked the bank's operating licence to strengthen public confidence in the Nigerian banking system.