The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.48 billion to 10,312 insured depositors of 47 recently closed Microfinance Banks (MFBs).
​The disclosure was made on Thursday, October 8, 2026, during a Customer Service Week corporate gathering at the NDIC Head Office in Abuja. Speaking at the event, the Managing Director and Chief Executive Officer of the NDIC, Mr. Thompson Sunday, underscored the agency’s commitment to protecting depositors and safeguarding the nation’s financial architecture.
​The payment distribution, completed as of July 31, 2026, covers depositors from several closed institutions, including Abia SME Microfinance Bank, Frontline Microfinance Bank, and Goldman Microfinance Bank.
​In addition to the disbursements for the 47 microfinance institutions, Mr. Sunday highlighted further payments under the corporation’s expanded claims-resolution framework; Union Homes Savings & Loans Plc: N1.147 billion disbursed to 1,082 depositors, ASO Savings & Loans: N313.02 million paid to 8,248 depositors.
​These resolutions bring the NDIC’s cumulative payouts to insured depositors across failed financial institutions to N69.65 billion. To minimize financial distress, the NDIC now initiates deposit payments within three days of a financial institution’s license being revoked by the Central Bank of Nigeria (CBN). Payout timelines have been streamlined through technology integration and automated validation using Bank Verification Numbers (BVN).
​Emphasising that operational efficiency must be matched by stakeholder care, Mr. Thompson Sunday noted that customer service remains fundamental to maintaining public trust in the banking system.
​”Service excellence is not a one-week activity. Customer Service Week may provide the opportunity for us to celebrate our victory, but the commitment to excellent service must continue in our daily work. Whatever we do, it also impacts on our reputation. Service excellence is about going beyond what is required to create meaningful value for stakeholders.” Thompson Sunday stated.
​The NDIC reassured depositors with account balances exceeding the statutory insured limits that liquidation dividends will be distributed as the corporation recovers assets and outstanding loans from the affected institutions. Depositors seeking verification are advised to visit the NDIC’s online verification portal or contact their nearest NDIC zonal office.
