NDIC clears N1.48bn owed 10,312 depositors of failed banks
The Nigeria Deposit Insurance Corporation (NDIC) said it has paid N1.48 billion to 10,312 insured depositors of 47 newly closed microfinance banks (MFBs) as part of efforts to accelerate claims settlement.
The payments, which were made as of July 31, 2026, covered depositors of recently closed MFBs, including Abia SME Microfinance Bank, Frontline Microfinance Bank and Goldman Microfinance Bank.
The development was disclosed as the corporation highlighted its achievements in claims resolution during the 2026 Customer Service Week celebration in Abuja on Thursday.
The NDIC said it leveraged Bank Verification Number (BVN) validation through the Nigeria Inter-Bank Settlement System (NIBSS) to identify depositors and obtain alternative bank accounts, thereby enabling faster settlement of claims.
The corporation also said it had commenced payment of insured deposits within three days of licence revocation for newly closed banks.
In another claims-resolution initiative, the NDIC said it paid N1.147 billion to 1,082 depositors of Union Homes Savings and Loans Plc.
It also paid N313.02 million to 8,248 depositors of ASO Savings and Loans, underscoring its efforts to reduce the time depositors wait to access insured funds.
Speaking at the event, NDIC Managing Director and Chief Executive Officer, Thompson Sunday, said excellent service was not merely about meeting expectations but also about going beyond what was required to create meaningful value for stakeholders.
He said the corporation’s responsibilities extended beyond policies and processes to the experience it created for people and institutions it interacted with.
According to him, the corporation had recently taken steps to strengthen its structures, improve processes, enhance collaboration and integrate technology and data to make its operations more efficient and responsive.
Sunday said customer service was the responsibility of every member of staff, stressing that every employee contributed to the experience stakeholders had with the corporation.
He said the NDIC’s commitment to professionalism, responsiveness, empathy, integrity, accountability and excellence must continue beyond the Customer Service Week.
The NDIC boss said the corporation remained committed to continually improving its services and strengthening the confidence underpinning Nigeria’s financial system.
Sunday noted that the corporation’s role in deposit insurance, bank supervision and bank resolution remained critical to maintaining a stable and dependable financial system.
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