Finance
NDIC pays N1.5bn to over 10,000 depositors of liquidated microfinance banks
The Nigeria Deposit Insurance Corporation says it has paid N1.48 billion to at least 10,312 insured depositors of the 47 newly failed micro-finance banks.
In its 2026 Customer Service Footprints post on the corporation’s X on Friday, the NDIC said the payments were made as of July 2026.
The corporation said it used customers’ bank verification numbers through the Nigeria Inter-Bank Settlement System to identify the depositors. NDIC said insured deposit payments began within three days of the licence revocation of the newly closed banks.
The corporation also paid N1.14 billion to 1,082 depositors of the failed Union Homes Savings and Loans Plc. The corporation also paid more than N313 million to 8,248 depositors of Aso Savings and Loans.
NDIC provided oversight and banking supervision to 37 deposit money banks and 32 primary mortgage banks. Others include 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. NAN
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