The Nigeria Deposit Insurance Corporation (NDIC) has begun automatic payments to depositors of 46 collapsed microfinance banks, using BVN-linked accounts without requiring physical visits.
The NDIC announced that insured depositors are receiving up to N2 million directly into their alternative bank accounts through the Nigeria Inter-Bank Settlement System (NIBSS).
Managing Director Thompson Sunday revealed that payments began immediately after the Central Bank of Nigeria revoked the banks’ licences on July 1, 2026.
“We’ve traced depositors’ alternative accounts and credited them directly – no queues, no paperwork,” Sunday stated at an Abuja event.
Key Highlights:
· Instant Payment: BVN-linked accounts credited automatically
· No Physical Visits: NDIC uses NIBSS for seamless transfers
· N2 Million Coverage: Full insured sum paid per depositor
· 72-Hour Record: Faster than the 30-day legal window
· Future Dividends: Additional payments from asset recoveries
Depositors without BVNs are advised to visit the nearest NDIC zonal office for verification.
Sunday cited Heritage Bank (paid within 4 days), Aso Savings, and Union Homes (72 hours) as examples of NDIC’s swift response.
The CBN revoked the licences to protect depositors and maintain financial stability. The NDIC now acts as provisional liquidator, with further dividends expected from recovered debts and assets.
