More than 10,000 customers have received payments as the deposit insurer expands digital verification and reimbursement systems.
The Nigeria Deposit Insurance Corporation says it has disbursed N1.48 billion to 10,312 customers of 47 microfinance banks whose operating licenses were revoked by the Central Bank of Nigeria.
Managing Director Thompson Oludare Sunday disclosed that the payments had been made as of July 31, 2026, while addressing the corporation’s Customer Service Week in Abuja. He said improved technology had helped the agency identify eligible depositors and transfer money to verified accounts more quickly.
Under the process, Bank Verification Numbers are checked through the Nigeria Inter Bank Settlement System to identify customers and locate alternative bank accounts. Depositors whose details cannot be matched automatically must complete additional verification before receiving payment.
Sunday said the corporation was redesigning its operations to make reimbursements more responsive and transparent. He cited the ASCENDS restructuring initiative, a revised strategic plan and new organizational values focused on excellence, professionalism, integrity, innovation and collaboration.
He also provided an update on Heritage Bank, which lost its license in June 2024. According to the corporation, N54.23 billion had been paid to 715,529 insured depositors by July 31, 2026, while more than N71.27 billion in liquidation dividends had been declared for uninsured depositors from recoveries and asset sales.
The distinction matters because insured deposits are covered up to applicable limits, while recovery of balances beyond those limits depends on the liquidation process and funds realized from the failed institution’s assets.
Sunday urged NDIC employees to treat depositor service as a continuous responsibility rather than an annual observance. He said prompt access to funds after bank failures was essential to public trust and financial stability.
