The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.48 billion to 10,312 insured depositors of 47 recently liquidated microfinance banks as part of efforts to protect depositors and sustain confidence in Nigeria’s banking system.
The corporation disclosed that the payments had been made as of July 2026 in its 2026 Customer Service Footprints update published on its X account.
According to the NDIC, it used depositors’ Bank Verification Numbers (BVNs), through the Nigeria Inter-Bank Settlement System, to identify eligible customers and facilitate the payment process.
The corporation said insured deposit payments to customers of the newly closed microfinance banks commenced within three days of the revocation of their operating licences.
Beyond the microfinance banks, the NDIC also reported payments to depositors of two failed financial institutions.
It paid N1.14 billion to 1,082 depositors of Union Homes Savings and Loans Plc, while more than N313 million was disbursed to 8,248 depositors of Aso Savings and Loans.
The payments form part of the corporation’s deposit protection responsibilities, which are aimed at reducing the financial losses depositors may suffer when insured financial institutions fail.
The NDIC provides oversight and banking supervision across several categories of financial institutions. These include 37 deposit money banks, 32 primary mortgage banks, 813 microfinance banks, five payment service banks and 30 mobile money operators.
The corporation reaffirmed its commitment to promoting financial system stability and strengthening public confidence in the banking sector.
The latest figures highlight the role of deposit insurance in protecting eligible customers when financial institutions close, although the reported payments cover specific groups of depositors and institutions.
