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•Urges customers to file claims
From Adanna Nnamani, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the verification of depositors of the 46 microfinance banks whose operating licences were recently revoked by the Central Bank of Nigeria (CBN), assuring affected customers that efforts are underway to reimburse insured deposits.
The Corporation announced on Thursday that its officials had begun verification exercises at the offices of the affected microfinance banks across the country to facilitate prompt payment to depositors.
The move follows the CBN’s decision on July 1, 2026, to withdraw the operating licences of the 46 microfinance banks for regulatory reasons.
In a statement, the NDIC advised customers whose Bank Verification Numbers (BVNs) were linked to their accounts in the failed banks that their insured deposits would be paid directly into their alternative accounts in other commercial banks.
However, depositors whose BVNs were not linked to their accounts were asked to visit the offices of the affected banks with proof of account ownership, a recent passport photograph, a valid means of identification—including a National Identity Card, Permanent Voter’s Card, Driver’s Licence or International Passport—as well as their BVN to enable the verification process.
To make the claims process easier, the Corporation also encouraged affected customers to submit their claims online through the NDIC Pre-Verification Claims Form available on its website.
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According to the Corporation, depositors can also visit any NDIC office nearest to them to process their claims if they are unable to complete the online procedure.
The NDIC assured customers that it remains committed to protecting depositors and ensuring that eligible claims are settled as quickly as possible in line with its statutory mandate.
The Corporation also provided dedicated telephone lines for enquiries and assistance throughout the verification exercise.
The affected institutions are spread across several states, including Abia, Abuja, Akwa Ibom, Anambra, Bayelsa, Benue, Cross River, Delta, Kaduna, Kano, Kebbi, Kwara, Lagos, Niger, Ogun, Ondo, Osun, Oyo, Plateau and Rivers.
Among the affected banks are Merchant Microfinance Bank, Abia SME Microfinance Bank, Gold Microfinance Bank, Creditville Microfinance Bank, Safegate Microfinance Bank, Apple Microfinance Bank, OurPass Microfinance Bank, Best Star Microfinance Bank, Mwaghavul Microfinance Bank and Minji-Se Churchill Microfinance Bank, among others.
The NDIC reiterated its commitment to maintaining public confidence in Nigeria’s banking system by ensuring that depositors of licensed financial institutions continue to enjoy protection under the country’s deposit insurance scheme.
The Corporation urged all affected customers to cooperate with its officials and complete the verification process promptly to facilitate the timely payment of their insured deposits.
