ABUJA, Nigeria (VOICE OF NAIJA)-The Nigeria Deposit Insurance Corporation has commenced the payment of insured deposits to customers of the 46 microfinance banks whose licences were recently revoked by the Central Bank of Nigeria.
The Managing Director and Chief Executive of the NDIC, Thompson Sunday, disclosed this during an interview in Abuja on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
He said the corporation is leveraging the Nigeria Inter-Bank Settlement System and customers’ Bank Verification Numbers to facilitate the payment process.
READ ALSO:NDIC Recovers N24.3bn From Heritage Bank Assets
According to Sunday, the NDIC has successfully traced depositors’ alternative bank accounts and credited them directly, eliminating the need for beneficiaries to visit its offices physically.
He, however, advised depositors without Bank Verification Numbers to visit the nearest NDIC zonal office for verification and payment processing.
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.
Sunday explained that following the revocation, the NDIC automatically assumed the role of provisional liquidator in accordance with the law.
He added that the corporation had begun paying the insured maximum deposit of N2 million to eligible depositors.
The NDIC boss noted that any additional payments would depend on the recovery of the failed banks’ assets and outstanding debts.
He explained that proceeds realised from the recovery process would be paid to eligible depositors as liquidation dividends.
Highlighting the corporation’s record of prompt reimbursements, Sunday cited Heritage Bank, Aso Savings and Union Homes as examples.
He said insured depositors of Heritage Bank received payments within four days after the revocation of the bank’s licence, while customers of Aso Savings and Union Homes were paid within 72 hours.
“The law allows us 30 days, but we are working to surpass our previous records,” he said.
The Central Bank of Nigeria revoked the operating licences of the 46 microfinance banks after they failed to meet regulatory requirements for continued operations.
According to the apex bank, the action was taken to protect depositors, strengthen financial system stability and ensure compliance with regulatory standards.