The Nigeria Deposit Insurance Corporation has commenced the payment of insured deposits to customers of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria on July 1, 2026.
The Managing Director of the NDIC, Thompson Sunday, disclosed this on Wednesday during the Africa Regional Committee meeting of the International Association of Deposit Insurers held in Abuja.
Sunday said the corporation had adopted a technology-driven payment process by leveraging the Nigeria Inter-Bank Settlement System and depositors’ Bank Verification Numbers to identify alternative bank accounts and credit eligible customers directly.
According to him, the approach eliminates the need for affected depositors to visit NDIC offices before receiving their insured deposits.
He, however, advised depositors who do not have Bank Verification Numbers to visit the nearest NDIC zonal office for verification and payment processing.
The NDIC boss said the corporation had begun paying the maximum insured deposit of ₦2 million to eligible depositors, adding that any additional payment would depend on the recovery and liquidation
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