NDIC clears N1.48bn owed 10,312 depositors of failed banks

The Nigeria Deposit Insurance Corporation (NDIC) 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, 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, enabling faster settlement of claims, and it has commenced payment of insured deposits within three days of licence revocation for newly closed banks.

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