NDIC Makes Major Move as over 10,000 Depositors Receive N1.48 Billion After 47 Bank Closures
- The NDIC has paid N1.48 billion to 10,312 depositors of 47 recently closed microfinance banks as of July 31, 2026
- The corporation also disbursed N1.147 billion to 1,082 Union Homes depositors and N313.02 million to 8,248 ASO Savings and Loans depositors
- The NDIC said it is using BVN validation, technology and improved processes to speed up claims and strengthen confidence in Nigeria’s financial system
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Nigeria Deposit Insurance Corporation (NDIC) has disbursed N1.48 billion to 10,312 insured depositors affected by the closure of 47 microfinance banks (MFBs).
The corporation said the payments were made as of July 31, 2026, as part of measures to speed up the settlement of claims and ensure depositors regain access to their insured funds without unnecessary delays.
Source: UGC
Some of the recently closed institutions covered by the payments include Abia SME Microfinance Bank, Frontline Microfinance Bank and Goldman Microfinance Bank.
NDIC uses BVN to speed up payments
The NDIC disclosed the figures during the 2026 Customer Service Week celebration held in Abuja on Thursday, where it highlighted measures introduced to improve the experience of depositors and other stakeholders.
According to the corporation, it used Bank Verification Number (BVN) validation through the Nigeria Inter-Bank Settlement System (NIBSS) to verify depositors and obtain details of alternative bank accounts.
The approach, it said, has helped simplify the claims process and made it possible to transfer insured funds to eligible depositors more quickly.
The NDIC also disclosed that it had begun paying insured deposits within three days after the revocation of a bank's operating licence, further reducing the waiting period for affected customers.
N1.46bn paid to depositors of two Institutions
Beyond the recent microfinance bank closures, the corporation said it had also settled claims involving depositors of two other financial institutions.
It paid N1.147 billion to 1,082 depositors of Union Homes Savings and Loans Plc, while another N313.02 million was disbursed to 8,248 depositors of ASO Savings and Loans.
The payments reflect the NDIC's ongoing efforts to resolve outstanding claims and ensure that insured depositors can access their funds within the shortest possible time.
NDIC promises better customer service
Speaking at the event, NDIC Managing Director and Chief Executive Officer, Thompson Sunday, said effective customer service required more than simply meeting expectations.
He said the corporation was focused on creating greater value for the people and institutions it serves, noting that its responsibilities go beyond policies and internal procedures to include the overall experience of stakeholders.
Sunday said the NDIC had recently strengthened its structures, improved operational processes and increased collaboration while integrating technology and data into its activities.
Source: UGC
He added that the corporation would continue to improve its services and reinforce the confidence that supports Nigeria's financial system.
The NDIC chief executive noted that the corporation's responsibilities in deposit insurance, bank supervision and bank resolution remained essential to maintaining a stable and reliable financial system.
Source: Legit.ng
