BY NGOZI ONYEAKUSI

NDIC MD

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of insured deposits to customers of the 46 microfinance banks whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The Managing Director/Chief Executive of the NDIC, Mr. Thompson Sunday, disclosed this on Wednesday in Abuja while speaking with journalists on the sidelines of the International Association of Deposit Insurers (IADI) Africa Regional Committee meeting.
Sunday said the Corporation is set to reimburse eligible depositors by leveraging the Nigeria Inter-Bank Settlement System (NIBSS) and customers’ Bank Verification Numbers (BVNs) to credit funds directly into their alternative bank accounts, eliminating the need for physical visits to NDIC offices.
He, however, advised depositors without BVNs to visit the nearest NDIC zonal office to complete the necessary verification process and facilitate payment of their insured deposits.
According to him, the CBN revoked the operating licences of the 46 microfinance banks on July 1, 2026, following which the NDIC assumed its statutory role as provisional liquidator in line with the provisions of the NDIC Act.
“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026, and the NDIC immediately commenced its responsibilities as the provisional liquidator, including the reimbursement of insured depositors,” he said.