{"id":2357,"date":"2026-07-23T17:33:48","date_gmt":"2026-07-23T17:33:48","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=2357"},"modified":"2026-07-23T20:16:06","modified_gmt":"2026-07-23T20:16:06","slug":"ndic-begins-payment-of-depositors-of-46-failed-microfinance-banks","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=2357","title":{"rendered":"NDIC begins payment of depositors of 46 failed microfinance banks"},"content":{"rendered":"<p>*<strong><em>Thompson Sunday, Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation affirms the Central Bank of Nigeria revoked the operating licences of 46 Microfinance Banks July 1, 2026, for failure to meet regulatory requirements for continued operations&nbsp; <\/em><\/strong><\/p>\n<p>Isola Moses | ConsumerConnect<\/p>\n<p>The Nigeria Deposit Insurance Corporation (NDIC) has announced it commenced paying insured deposits to customers of the 46 recently failed Microfinance Banks (MFBs) in the country.<\/p>\n<p><em>ConsumerConnect<\/em> reports the CBN explained the banking regulator revoked the affected Microfinance Banks\u2019 licences for failing to meet regulatory requirements for continued operations.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"wZnjBLTQEI\"><p><a href=\"https:\/\/consumerconnectng.com\/?p=2349\">DEON: Telecoms operators appeal against FCCPC&#8217;s regulatory powers on consumer lending regulations<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cDEON: Telecoms operators appeal against FCCPC\u2019s regulatory powers on consumer lending regulations\u201d \u2014 Consumer Experience Is A Top Priority\" src=\"https:\/\/consumerconnectng.com\/?p=2349&amp;embed=true#?secret=m94X8QlMcV#?secret=wZnjBLTQEI\" data-secret=\"wZnjBLTQEI\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>The Bankers&#8217; Bank also said the action was aimed at protecting depositors, strengthening financial stability, and ensuring regulatory compliance in the financial sector of the economy.<\/p>\n<p>Mr. Thompson Sunday, Managing Director and Chief Executive of NDIC,&nbsp; disclosed this development in an interview with the News Agency of Nigeria, on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting, held in Abuja, FCT.<\/p>\n<p>Sunday said the Corporation was using the Nigeria Inter-Bank Settlement System (NIBSS) and customers\u2019 Bank Verification Numbers (BVNs) for the payments.<\/p>\n<p>The Managing Director\/CEO said NDIC had traced depositors\u2019 alternative bank accounts and credited them directly without requiring physical visits.<\/p>\n<p>He advised affected depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing.<\/p>\n<p>He also stated: \u201cThe CBN revoked the licences of the 46 microfinance banks on July 1, 2026.&#8221;<\/p>\n<p>That is why the NDIC automatically, became the provisional liquidator after the revocation, in line with the relevant law, said he.<\/p>\n<p>Sunday further explained the corporation has commenced payment of the insured maximum deposit of N2 million to eligible customers.<\/p>\n<p>He explained that further payments would depend on the recovery of the failed banks\u2019 assets and outstanding debts.<\/p>\n<p>According to him, proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.<\/p>\n<p>Sunday particularly cited Heritage Bank, Aso Savings and Union Homes as examples of NDIC\u2019s prompt reimbursement efforts.<\/p>\n<p>He said insured depositors of Heritage Bank were paid within four days of licence revocation.<\/p>\n<p>The Chief Executive of the Corporation noted that customers of Aso Savings and Union Homes received payments within 72 hours.<\/p>\n<p>He averred: \u201cThe law allows us 30 days, but we are working to surpass our previous records.&#8221;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*Thompson Sunday, Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation affirms the Central Bank of Nigeria revoked the operating licences of 46&hellip;<\/p>\n","protected":false},"author":2,"featured_media":2346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","_customify_content_layout":"","_customify_sidebar":"","_customify_page_header_display":"default","_customify_disable_header":"","_customify_disable_header_top":"","_customify_disable_header_main":"","_customify_disable_header_bottom":"","_customify_disable_page_title":"","_customify_disable_content_vertical_padding":"","_customify_disable_footer_top":"","_customify_disable_footer_main":"","_customify_disable_footer_bottom":"","_customify_breadcrumb_display":"","_customify_header_transparent_display":"default","footnotes":""},"categories":[20,4,8],"tags":[],"class_list":["post-2357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-highlights","category-markets","category-regulators"],"featured_image_urls":{"full":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/ndic-768x469-1.jpg",738,389,false],"thumbnail":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/ndic-768x469-1-150x150.jpg",150,150,true],"medium":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/ndic-768x469-1-300x158.jpg",300,158,true],"medium_large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/ndic-768x469-1.jpg",738,389,false],"large":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/ndic-768x469-1.jpg",738,389,false],"1536x1536":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/ndic-768x469-1.jpg",738,389,false],"2048x2048":["https:\/\/consumerconnectng.com\/wp-content\/uploads\/2026\/07\/ndic-768x469-1.jpg",738,389,false]},"author_info":{"info":["ConsumerConnect"]},"category_info":"<a 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