NDIC Disburses N1.48 Billion to 10,312 Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has disbursed N1.48 billion to 10,312 insured depositors impacted by the closure of 47 microfinance banks as of July 31, 2026. This initiative aims to expedite the settlement of claims and facilitate access to insured funds for depositors.

Among the closed institutions included in the payments are Abia SME Microfinance Bank, Frontline Microfinance Bank, and Goldman Microfinance Bank. The NDIC announced these figures during the 2026 Customer Service Week celebration in Abuja, where it also discussed improvements in customer service.

The corporation utilized Bank Verification Number (BVN) validation through the Nigeria Inter-Bank Settlement System (NIBSS) to verify depositors and streamline the claims process. Additionally, the NDIC has begun paying insured deposits within three days following the revocation of a bank's operating license.

The NDIC also settled claims for depositors of Union Homes Savings and Loans Plc and ASO Savings and Loans, totaling N1.147 billion and N313.02 million, respectively. Thompson Sunday, NDIC Managing Director and CEO, emphasized the importance of enhancing customer service and maintaining a stable financial system.