The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of insured deposits to customers of the 46 microfinance banks whose licences were revoked by the Central Bank of Nigeria (CBN) on July 1, 2026.
According to NDIC Managing Director and Chief Executive, Thompson Sunday, the corporation is leveraging the Nigeria Inter-Bank Settlement System (NIBSS) and customers’ Bank Verification Numbers (BVNs) to identify alternative bank accounts and credit eligible depositors directly. This approach eliminates the need for many customers to visit NDIC offices physically. However, depositors without BVNs have been advised to visit the nearest NDIC zonal office for verification and payment processing.
The NDIC said it is paying the maximum insured deposit of ₦2 million to eligible customers. Depositors with balances above the insured limit may receive additional payments later through liquidation dividends, which will depend on the successful recovery and sale of the failed banks’ assets, as well as the collection of outstanding debts.
The corporation also highlighted its recent efforts in reimbursing customers of failed financial institutions such as Heritage Bank, Aso Savings and Union Homes, noting that payments were made within days of licence revocations—well ahead of the 30-day period stipulated by law.
The CBN had revoked the licences of the 46 microfinance banks after they failed to meet regulatory requirements, stating that the move was necessary to protect depositors, maintain financial system stability, and strengthen regulatory compliance.
