The NDIC has paid ₦1.48 billion to 10,312 insured depositors of 47 closed microfinance banks, using BVN verification to accelerate claims settlement.
The Nigeria Deposit Insurance Corporation (NDIC) has paid ₦1.48 billion to 10,312 insured depositors of 47 recently closed microfinance banks as part of efforts to accelerate claims settlement and strengthen public confidence in Nigeria’s banking system.
The corporation disclosed the figures in its 2026 Customer Service Week report, noting that the payments had been made as of July 31, 2026.
According to the NDIC, it leveraged depositors’ Bank Verification Numbers (BVNs) through the Nigeria Inter-Bank Settlement System (NIBSS) to identify eligible customers and facilitate payments into their alternative bank accounts.
The corporation said payment of insured deposits for the newly closed banks commenced within three days of the revocation of their operating licences.
The approach is designed to reduce delays and simplify the process of reimbursing depositors whose financial institutions have closed.
Beyond the payouts to the 47 microfinance banks’ depositors, the NDIC said it had also paid ₦1.14 billion to 1,082 depositors of Union Homes Savings and Loans Plc.
It also disbursed more than ₦313 million to 8,248 depositors of Aso Savings and Loans.
The payments form part of the corporation’s wider efforts to settle insured claims arising from the closure of financial institutions.
The NDIC’s deposit insurance mandate is intended to protect eligible depositors when insured financial institutions fail, subject to applicable coverage limits and requirements.
The corporation said it currently provides oversight and banking supervision to 37 deposit money banks and 32 primary mortgage banks.
Its supervisory coverage also includes 813 microfinance banks, five payment service banks and 30 mobile money operators.
The NDIC works with the Central Bank of Nigeria on banking supervision, resolution of distressed institutions and the orderly liquidation of failed banks.
The corporation reaffirmed its commitment to promoting financial system stability and strengthening public confidence through deposit protection, improved claims processing and more effective service delivery.
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