NDIC Pays N1.5 bn to Over 10,000 Depositors of Newly Failed MFBs
The Nigeria Deposit Insurance Corporation (NDIC) says it has paid N1.48 billion to no fewer than 10,312 insured depositors of the 47 newly failed Microfinance Banks (MFBs).
NDIC in its 2026 Customer Service Footprints on the Corporation’s X on Friday said the payments were made as at July 2026.
The Corporation said it leveraged the customers’ Bank Verification Number (BVN) through the Nigeria Inter-Bank Settlement System (NIBSS) Plc to identify the depositors.
NDIC said the insured deposit payment commenced within three days of the licence revocation of the newly closed banks.
The corporation said it had also paid N1.14 billion to 1,082 depositors of the failed Union Homes Savings and Loans Plc.
It said the corporation also paid more than N313 million to 8,248 depositors of Aso Savings and Loans.
NDIC said it currently provides oversight and banking supervision to 37 Deposit Money Banks (DMBs) and 32 Primary Mortgage Banks (PMBs).
Others are 813 Microfinance Banks (MfBs), five Payment Service Banks (PSBs), and 30 Mobile Money Operators (MMOs).
The corporation reinstated its commitment to promoting financial system stability and strengthening public confidence. #NDIC Pays N1.5 bn to Over 10,000 Depositors of Newly Failed MFBs# NDIC Seeks Court Orders To Liquidate 89 Failed Banks
