Relief as NDIC releases N1.48bn to depositors of 47 closed microfinance banks
The Nigeria Deposit Insurance Corporation (NDIC) has disbursed N1.48 billion to 10,312 insured depositors affected by the closure of 47 microfinance banks (MFBs).
The Nigeria Deposit Insurance Corporation (NDIC) is the federal agency responsible for insuring deposits in licensed banks, including microfinance banks, and for paying depositors when such institutions fail. Microfinance banks occupy a sensitive niche in Nigeria's financial system, serving low-income earners, traders and small businesses who often lack access to conventional banking, which means their failure can hit depositors with limited savings especially hard. The Central Bank of Nigeria has in recent years revoked the licences of numerous MFBs over insolvency, poor corporate governance and failure to meet regulatory capital requirements, triggering NDIC's obligation to pay out insured sums to affected customers.
Both Legit.ng and Vanguard report the same core figures — N1.48 billion paid to 10,312 insured depositors across 47 closed microfinance banks — with Vanguard framing the payout as part of NDIC's broader push to sustain public confidence in the banking system. Neither report details the specific MFBs involved, the timeline over which payments were made, or how much of the amount represents full reimbursement versus partial insured coverage, leaving those specifics for further reporting.