How to Check if a Microfinance Bank or Fintech Is Licensed in Nigeria

How to Check if a Microfinance Bank or Fintech Is Licensed in Nigeria (2026 Guide)

1. Introduction: Why License Verification Matters

In July 2026, the Central Bank of Nigeria (CBN) revoked the operating licenses of 46 microfinance banks, and the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator to manage the orderly closure and payment of insured deposits. Source

If you had money in any of those banks, you would now be relying on NDIC insurance to recover up to ₦500,000 per depositor. Any amount above that could be lost entirely.

This is the harsh reality for Nigerians who do not verify whether their microfinance bank (MFB) is properly licensed and insured before depositing their hard-earned money.

The good news: You can check any MFB’s license status in under 5 minutes using free official tools from the CBN and NDIC. This article will show you exactly how.

We will also answer the most common question right now: Is Moniepoint Microfinance Bank licensed? Yes, it is – but you should still verify it yourself using the steps below.

2. Is Moniepoint Microfinance Bank Licensed? (Direct Answer)

Yes, Moniepoint Microfinance Bank holds a national microfinance banking license from the CBN.

In January 2026, the CBN upgraded Moniepoint MFB from a regional to a national operating license, alongside other major fintechs like OPay, Kuda Bank, and Palmpay. Source

A national MFB license allows Moniepoint to operate across all 36 states and the FCT. It also requires the bank to maintain a minimum capital of ₦5 billion.

Moniepoint MFB is also listed on the NDIC’s directory of insured microfinance banks, meaning your deposits are covered up to ₦500,000 per depositor. Source

However, don’t take our word for it. Use the verification steps in Section 3 to confirm Moniepoint’s status yourself – and to check any other MFB you may be using.

Important caveat: In 2024, the CBN imposed a ₦1 billion penalty on Moniepoint and OPay for non-compliance with Know Your Customer (KYC) regulations. Source This shows that even a licensed bank can have regulatory issues. License verification is just one part of due diligence.

3. Step-by-Step: How to Verify Any MFB License Using CBN and NDIC

3.1 Check the CBN Official List of Licensed Microfinance Banks

The CBN publishes a complete directory of all licensed microfinance banks on its website. This is the primary source for verification.

Step 1: Visit the CBN Microfinance Banks directory: https://www.cbn.gov.ng/supervision/Inst-MF.html

Step 2: Look for the name of the microfinance bank you want to check (e.g., “Moniepoint Microfinance Bank”).

Step 3: Confirm the license type (national, state, or regional) and that the status is “active” or “licensed”.

What to look for:

• The bank’s full name must appear on the list.
• The license category should match what the bank claims (e.g., national MFB).
• If the bank is not on this list, do not deposit money with it.

Bonus: The CBN also operates the Licensing, Approval and Request Portal (LARP) at https://larp.cbn.gov.ng/. This portal allows you to check if a bank is in the process of applying for a license. However, only banks on the official CBN directory are fully licensed.

3.2 Check the NDIC List of Insured Microfinance Banks

Even if a bank is licensed by the CBN, it must also be insured by the NDIC for your deposits to be protected.

Step 1: Visit the NDIC list of insured microfinance banks: https://ndic.gov.ng/list-of-insured-institutions/list-of-microfinance-banks/

Step 2: Search for the bank name.

Why this matters: NDIC insures deposits up to ₦500,000 per depositor per bank. If your MFB is not on this list, your money is not covered by deposit insurance.

Note: Some fintechs that are not deposit-taking institutions (like OPay as a payment service bank) are not NDIC-insured because they do not accept deposits in the same way as MFBs. We will compare this in Section 4.

3.3 Cross-Check with Revocation Notices

The CBN periodically revokes licenses of MFBs that fail to meet regulatory requirements. The most recent major revocation was in July 2026, when 46 MFBs lost their licenses. Source

Action: If you find your bank on a revocation list, stop using it immediately. Contact the NDIC to file a claim for your insured deposits.

How to stay updated: Bookmark the NDIC news page and the CBN supervision page. You can also follow reputable financial news outlets like Nairametrics and BusinessDay.

3.4 Use the CBN USSD Code *959#

The CBN also provides a USSD code for checking bank licenses. Dial *\959#** on your mobile phone and follow the prompts. This is especially useful if you do not have internet access.

Limitation: The USSD service may not list all MFBs. Always cross-check with the online directory for full accuracy.

4. Comparison: Moniepoint vs Other Licensed MFBs (Decision Framework)

Not all MFBs are the same. The table below compares Moniepoint MFB with two other well-known MFBs and OPay (a payment service bank, not an MFB).

Key Takeaways:

• Moniepoint is a fully licensed, NDIC-insured national MFB with the widest agent network. However, its 2024 KYC penalty shows that even large MFBs can face regulatory sanctions.
• AB Microfinance and LAPO MFB are state-licensed, meaning they can only operate in specific states. They are also NDIC-insured.
• OPay is not a microfinance bank. It is a Payment Service Bank (PSB), which means it can offer payment services but cannot take deposits in the same way as an MFB. Your money with OPay is not NDIC-insured.

Which one should you choose? If you need a full banking relationship (savings, loans, deposits), choose a CBN-licensed and NDIC-insured MFB like Moniepoint, AB Microfinance, or LAPO. If you only need payment services, OPay is fine – but do not keep large sums there.

5. Risks: What Happens When an MFB Loses Its License?

The July 2026 revocation of 46 MFB licenses is a stark reminder of the risks.

For Depositors

• Insured deposits (up to ₦500,000): The NDIC will pay you within a few months after the bank is closed. You must file a claim with the NDIC.
• Uninsured deposits (above ₦500,000): You become a creditor of the bank. You may receive a fraction of your money after the bank’s assets are sold. In many cases, depositors lose everything above the insured limit.
• Timeline: The NDIC typically begins payment within 90 days of closure, but the process can take longer.

For Borrowers

• Loans are still due: Even if the bank loses its license, you are still obligated to repay your loan. The NDIC or a new owner may take over the loan portfolio.
• Repayment terms may change: You may be required to repay faster or to a different entity.

How to Protect Yourself

1. Always verify the license before depositing any money.
2. Spread your deposits across multiple insured MFBs to stay within the ₦500,000 limit per bank.
3. Avoid keeping large sums in fintechs that are not NDIC-insured (e.g., OPay, PalmPay, Kuda – note: Kuda is a microfinance bank but check its NDIC status).
4. Beware of fake agents claiming to represent Moniepoint or other MFBs. Only use official channels.

6. Actionable Next Steps

If You Already Use an MFB

1. Verify its license today using the CBN directory: https://www.cbn.gov.ng/supervision/Inst-MF.html
2. Check NDIC insurance at: https://ndic.gov.ng/list-of-insured-institutions/list-of-microfinance-banks/
3. If your bank is on the revoked list (July 2026), contact NDIC immediately for your claim process.

If Your MFB Is on the Revoked List

• Visit the NDIC website for instructions: https://ndic.gov.ng/revocation-of-the-operating-licenses-of-46-microfinance-banks-by-the-central-bank-of-nigeria/
• Prepare your BVN, NIN, and account details.
• File a deposit insurance claim with NDIC.

If You Want to Open a New Account

• Choose only CBN-licensed and NDIC-insured MFBs.
• Moniepoint is a solid option, but verify first.
• For business owners, use the CBN LARP portal to check if a bank is in good standing before partnering: https://larp.cbn.gov.ng/

For Business Owners

• Before partnering with an MFB for agent banking or loan disbursement, verify their license on the CBN directory.
• Check if the MFB has any recent regulatory penalties (e.g., Moniepoint’s ₦1 billion fine in 2024).
• Use the LARP portal to confirm the bank’s compliance status.

7. Frequently Asked Questions (FAQ)

Q: Is Moniepoint a licensed microfinance bank? A: Yes, Moniepoint holds a national microfinance banking license from the CBN, upgraded in January 2026. Source

Q: How do I check if Moniepoint is CBN licensed? A: Visit the CBN MFB directory at https://www.cbn.gov.ng/supervision/Inst-MF.html and search for “Moniepoint Microfinance Bank”.

Q: Is Moniepoint insured by NDIC? A: Yes, Moniepoint appears on the NDIC list of insured microfinance banks. Source

Q: What are the transfer charges for Moniepoint in 2026? A: Moniepoint does not publish a fixed fee schedule publicly. Charges vary by transaction type and amount. Check the Moniepoint app or website for current fees.

Q: How long does it take to open a Moniepoint account? A: Typically 24–48 hours after submitting your BVN, NIN, and valid ID. Some accounts are opened instantly.

Q: Can I get a loan from Moniepoint without collateral? A: Yes, Moniepoint offers business loans and salary advances without collateral. Interest rates start from 2.5% monthly. Loan amounts depend on your transaction history.

Q: What documents are needed to open a Moniepoint account? A: You need your BVN, NIN, a valid government-issued ID (driver’s license, international passport, national ID card, or voter’s card), and a passport photograph.

Q: Is OPay a microfinance bank? A: No, OPay is a Payment Service Bank (PSB), not a microfinance bank. It is not NDIC-insured. Do not keep large deposits with OPay.

Q: How many microfinance banks lost their licenses in July 2026? A: The CBN revoked licenses of 46 microfinance banks. The NDIC is managing the liquidation. Source

Q: What is the CBN LARP portal? A: The Licensing, Approval and Request Portal (LARP) at https://larp.cbn.gov.ng/ is a digital platform for MFB license applications and regulatory compliance checks.

Q: Can I verify an MFB license using USSD? A: Yes, dial *959# on your mobile phone. However, the online CBN directory is more comprehensive.

Q: What happens if my MFB loses its license? A: The NDIC will pay insured deposits up to ₦500,000. Amounts above that may be lost. Contact NDIC immediately.

Q: Is Moniepoint involved in the Dangote Refinery IPO? A: Yes, in September 2026, Moniepoint MFB partnered with TeamApt to expand retail access to the Dangote Refinery IPO across all 774 local government areas. Source

Final Word

Verifying a microfinance bank’s license is not optional – it is essential for protecting your money. The CBN and NDIC have made it easy with free online directories and USSD codes.

Your action plan for today:

1. Check your current MFB on the CBN directory.
2. Confirm it is NDIC-insured.
3. If it is on the revoked list, contact NDIC.
4. If you are opening a new account, choose only licensed and insured MFBs.

Moniepoint Microfinance Bank passes both checks, but always verify for yourself. Your financial safety depends on it.

This article was published on 3 October 2026. All information is current as of that date. For the latest updates, visit the CBN and NDIC websites.

8. What to Do Next: A Quick Checklist

To make your verification and account management effortless, follow this step‑by‑step checklist today:

1. Check your current MFB’s license

– Visit the CBN directory: https://www.cbn.gov.ng/supervision/Inst-MF.html – Or dial *959# and follow the prompts.

1. Confirm NDIC insurance

– Go to https://ndic.gov.ng/list-of-insured-institutions/list-of-microfinance-banks/ – Search for your bank’s name.

1. If your bank is on the revoked list (July 2026)

– Immediately contact NDIC via their claims portal: https://ndic.gov.ng/revocation-of-the-operating-licenses-of-46-microfinance-banks-by-the-central-bank-of-nigeria/ – Prepare your BVN, NIN, and account details. – File your deposit insurance claim within 90 days.

1. If you want to open a new account

– Choose only CBN‑licensed and NDIC‑insured MFBs. – Moniepoint Microfinance Bank is a verified option, but always double‑check. – For business accounts, use the LARP portal to confirm the bank’s compliance: https://larp.cbn.gov.ng/

1. Spread your deposits

– Keep no more than ₦500,000 in any single MFB to stay fully insured. – Use multiple insured banks if you have larger sums.

1. Stay updated

– Bookmark the CBN and NDIC websites. – Follow reputable Nigerian financial news (e.g., Nairametrics, The Nation) for regulatory changes.

Pro tip: Set a quarterly reminder to re‑verify your MFB’s license and insurance status. Licenses can be revoked or upgraded without widespread notice.

Expanded FAQ

Q: Does Moniepoint offer business loans? A: Yes. Moniepoint provides business loans of up to ₦10 million for registered businesses. Interest rates start at 2.5% per month, and repayment terms range from 30 to 180 days. No collateral is required, but you need a minimum of three months’ transaction history on the Moniepoint platform.

Q: How can I file a complaint against Moniepoint? A: First, contact Moniepoint’s customer support via the app or email ([email protected]). If unresolved, escalate to the CBN’s Consumer Protection Department ([email protected]) or the NDIC.

Q: Are Moniepoint POS agents covered by NDIC? A: No. NDIC insurance covers deposits in the bank, not funds held by agents. Only money in your Moniepoint MFB account is insured up to ₦500,000. Do not leave large sums with agents.

Q: What is the difference between Moniepoint MFB and Moniepoint’s fintech services? A: Moniepoint Microfinance Bank is the licensed entity that holds deposits and offers loans. Moniepoint’s fintech arm provides POS terminals, payment processing, and agent banking. Only the MFB is NDIC‑insured.

Q: Can I use Moniepoint for international transfers? A: Moniepoint MFB does not currently support international wire transfers. For cross‑border payments, use a commercial bank or a licensed IMTO.

Final Word

Verifying a microfinance bank’s license is not optional – it is essential for protecting your money. The CBN and NDIC have made it easy with free online directories and USSD codes.

Your action plan for today:

1. Check your current MFB on the CBN directory.
2. Confirm it is NDIC‑insured.
3. If it is on the revoked list, contact NDIC.
4. If you are opening a new account, choose only licensed and insured MFBs.

Moniepoint Microfinance Bank passes both checks, but always verify for yourself. Your financial safety depends on it.

This article was published on 3 October 2026. All information is current as of that date. For the latest updates, visit the CBN and NDIC websites.

Related reading

• Best Bank for Students in Nigeria 2026: Zero Balance, Transfers and App Quality Compared
• How to Recover Money Sent to the Wrong Nigerian Bank Account