The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.48 billion to 10,312 depositors of 47 recently closed microfinance banks (MFBs). The payment, made as of July 31, 2026, covered depositors of the failed MFBs following the revocation of their operating licences by the Central Bank of Nigeria (CBN). This move aims to protect depositors and maintain confidence in the financial system.
The Managing Director/Chief Executive of NDIC, Mr. Thompson Oludare Sunday, disclosed this information at the 2026 Customer Service Week celebration in Abuja. The theme of the celebration was “The Extra Mile,” which was hosted at the NDIC headquarters in Abuja. Sunday emphasized that the corporation's responsibility goes beyond policies and procedures, and the quality of its engagement with depositors and other stakeholders is critical to sustaining confidence in the financial system.
The payout was facilitated by the deployment of Bank Verification Number (BVN) validation through the Nigeria Inter-Bank Settlement System (NIBSS) to identify affected depositors and locate their alternative accounts in other banks. This enabled payments without the cumbersome processes traditionally associated with claims. According to Sunday, NDIC's role is ultimately about ensuring that individuals and businesses can continue to have confidence in financial institutions to safeguard their funds.
Sunday stressed that the importance of NDIC's role extends beyond the banking sector, as a stable and dependable financial system is essential to the health of the wider economy. He stated that the corporation had therefore embraced the concept of going the extra mile by continuously reviewing its processes and adopting technology to improve the experience of depositors and other stakeholders.
The NDIC boss identified the recent NDIC ASCENDS restructuring programme as one of the initiatives designed to strengthen the corporation's structures, improve processes, enhance collaboration, and leverage technology and data to make its operations more efficient and responsive. This programme aims to provide a roadmap and cultural foundation for the corporation to deliver its mandate more effectively.
The NDIC chief executive also disclosed that the corporation had undertaken a comprehensive review of its strategic plan, resulting in a refreshed mission, strategic themes, objectives, and initiatives, as well as a new set of core values captured in the acronym EPIIC — Excellence, Professionalism, Integrity, Innovation, and Collaboration. These initiatives are intended to guide the corporation in delivering its mandate.
Sunday emphasized that customer service should not be regarded as the responsibility of a particular department, insisting that every employee of the Corporation is a service provider. He added that NDIC's recent efforts to accelerate payments to depositors of failed financial institutions demonstrate the practical meaning of its commitment to service excellence.
Key points
- NDIC pays N1.48 billion to 10,312 depositors of 47 failed microfinance banks.
- The corporation adopts technology to improve the experience of depositors and stakeholders.
- NDIC's role is crucial to maintaining confidence in the financial system and the wider economy.
