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The short answer
Yes. Solid Allianze Microfinance Bank Ltd is licensed by the Central Bank of Nigeria as a microfinance bank and appears on the CBN’s published list of licensed MFBs (entered as “SOLID ALLIANZ MFB” when we checked in October 2026). Deposits are insured by the NDIC up to the limit for microfinance banks, which the NDIC put at ₦2 million per depositor in March 2026.
Before you keep money with any microfinance bank in Nigeria, two questions matter: does the Central Bank of Nigeria (CBN) license it, and does the Nigeria Deposit Insurance Corporation (NDIC) insure its deposits? For Solid Allianze Microfinance Bank Ltd, both answers can be checked on public pages in a few minutes. This guide shows you how, what we found when we checked in October 2026, and what the licence does and does not mean for your money.
What we found on the CBN list
The CBN publishes a list of licensed microfinance banks under Supervision on its website. When we checked in October 2026 the list held 790 entries, and Solid Allianze appears on it as “SOLID ALLIANZ MFB”, without the final “e”. Short or slightly different spellings are common on regulator lists, so search for “SOLID” rather than the full name.
The CBN list gives names only; it does not show licence category, address or date of licence. A 2018 BusinessDay interview with the bank’s then managing director described Solid Allianze as a unit microfinance bank based in the Shomolu and Bariga area of Lagos, with plans to grow into a state microfinance bank later. That is an eight-year-old description, so treat the category as something to confirm with the bank rather than a current fact.
How to check the licence yourself
- Open the CBN website and go to Supervision, then Micro-Finance Banks (the page address is in the sources below).
- Use your browser’s find function and type “SOLID”. Note the exact entry.
- Open the NDIC’s Insured Banks directory and choose Microfinance Banks. The directory loads in pages, so browse to the S section or use the page’s search if it is available on your device.
- Compare the name on your account documents, receipts or statements with the regulator entries. A real bank’s name on your statement should match the licensed entity, not a brand name alone.
- If anything does not match, stop paying in and ask the bank in writing for its CBN licence details.
What the CBN licence means
A microfinance bank licence lets an institution take deposits and lend, under CBN rules on capital, liquidity, customer identification and consumer protection. The licence also brings the bank inside the CBN’s complaints process: if a licensed MFB does not resolve your complaint within two weeks, you can escalate to the CBN’s Consumer Protection Department, as the CBN’s own complaint guide sets out. See how to complain about a microfinance bank for the full route.
A licence is not a permanent guarantee. The CBN can and does withdraw licences: on 1 July 2026 it revoked the licences of 46 microfinance banks, and the NDIC then began verifying depositors of those banks for payment. That is why it is worth checking the list again from time to time rather than once.
NDIC cover for Solid Allianze deposits
Deposits at licensed microfinance banks are covered by the NDIC’s deposit insurance scheme. In March 2026 the NDIC stated the covered amount as ₦2 million per depositor for microfinance banks, compared with ₦5 million for deposit money banks. Any balance above the insured sum is not lost automatically if a bank fails, but it is repaid only from liquidation dividends, as assets are sold and loans recovered, which can take years.
| Type of institution | NDIC cover per depositor (as stated Mar 2026) |
|---|---|
| Microfinance bank (such as Solid Allianze) | ₦2,000,000 |
| Deposit money bank (commercial, merchant, non-interest) | ₦5,000,000 |
| Primary mortgage bank | ₦5,000,000 |
| Mobile money operator | ₦5,000,000 |
Worked example
Example only: if one depositor held ₦2,600,000 at a microfinance bank that failed, the NDIC would pay up to ₦2,000,000 as insured deposit. The remaining ₦600,000 would be a claim against the bank in liquidation, paid only if and when recoveries allow. For more on how the limits work, read NDIC deposit insurance limits in Nigeria.
What to check first
- The exact name on the CBN list (“SOLID ALLIANZ MFB” as at October 2026).
- That your statement or receipt names Solid Allianze Microfinance Bank Ltd as the account holder’s bank.
- That your account is linked to your BVN, since the NDIC pays BVN-linked depositors of failed banks into their accounts at other banks.
- That you only deal through official channels you reached yourself, not links sent to you.
Where Pryme fits
Pryme Financial Ltd is a technology company, not a bank. Naira deposits in Pryme accounts are held by Solid Allianze Microfinance Bank Ltd, licensed by the CBN and insured by the NDIC up to the applicable limit. Solid Allianze MFB and Pryme: who holds your money explains the arrangement, and how Pryme works sets it out in the app’s own terms.
Questions people ask
Is Solid Allianze MFB a real bank?
Yes. It appears on the CBN’s list of licensed microfinance banks, entered as “SOLID ALLIANZ MFB” when we checked in October 2026. Check the list yourself before you deposit, because licences can be revoked.
Is my money in Solid Allianze insured by NDIC?
Deposits at licensed microfinance banks are insured by the NDIC. The NDIC stated the cover as ₦2 million per depositor for microfinance banks in March 2026.
Why is the name spelt “Allianz” on the CBN list?
The CBN list uses a short form, “SOLID ALLIANZ MFB”. Regulator lists often abbreviate names, so search for “SOLID” and compare the entry with your account documents.
Where do I report a problem with Solid Allianze MFB?
Complain to the bank in writing first and keep proof. If it is not resolved in two weeks, escalate to the CBN Consumer Protection Department at cpd@cbn.gov.ng with your complaint reference.
Sources
- Central Bank of Nigeria: Micro-Finance Banks (list of licensed MFBs) · accessed Oct 2026
- NDIC: Insured Banks directory (Microfinance Banks) · accessed Oct 2026
- Voice of Nigeria: NDIC pegs depositors’ payout at ₦2m, ₦5m (1 Mar 2026) · accessed Oct 2026
- Central Bank of Nigeria: How to Lodge a Complaint (CPD/GEN/GUIDE/03, 24 January 2022) · accessed Oct 2026
- Legit.ng: NDIC begins verification of depositors of 46 failed microfinance banks (10 July 2026) · accessed Oct 2026
- BusinessDay: Credit search with credit bureaus driving quality of MFBs’ loans (10 Jan 2018) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.