NDIC Disburses N1.48 Billion to Microfinance Depositors

The Nigeria Deposit Insurance Corporation (NDIC), led by Managing Director/Chief Executive Thompson Oludare Sunday, announced the disbursement of N1.48 billion to 10,312 depositors affected by the closure of 47 microfinance banks (MFBs) as of July 31, 2026. This action followed the revocation of the banks' operating licenses by the Central Bank of Nigeria (CBN).

The payments were facilitated through Bank Verification Number (BVN) validation via the Nigeria Inter-Bank Settlement System (NIBSS), which allowed for efficient identification of depositors and their alternative accounts, streamlining the claims process. Sunday emphasized the importance of NDIC's role in maintaining confidence in the financial system, stating that the corporation's responsibilities extend beyond policies to include quality engagement with stakeholders.

He also mentioned the NDIC ASCENDS restructuring program aimed at improving operational efficiency and customer service, alongside a comprehensive review of the corporation's strategic plan, which introduced new core values encapsulated in the acronym EPIIC — Excellence, Professionalism, Integrity, Innovation, and Collaboration.