The Nigeria Deposit Insurance Corporation (NDIC) stated it has paid N1.48 billion to 10,312 insured depositors of 47 newly closed microfinance banks (MFBs) as half of efforts to speed up claims settlement.
The funds, which had been made as of July 31, 2026, coated depositors of lately closed MFBs, together with Abia SME Microfinance Bank, Frontline Microfinance Bank and Goldman Microfinance Bank.
The improvement was disclosed because the company highlighted its achievements in claims decision in the course of the 2026 Customer Service Week celebration in Abuja on Thursday.
The NDIC stated it leveraged Bank Verification Number (BVN) validation by way of the Nigeria Inter-Bank Settlement System (NIBSS) to determine depositors and procure various financial institution accounts, thereby enabling quicker settlement of claims.
The company additionally stated it had commenced cost of insured deposits inside three days of licence revocation for newly closed banks.
In one other claims-resolution initiative, the NDIC stated it paid N1.147 billion to 1,082 depositors of Union Homes Savings and Loans Plc.
It additionally paid N313.02 million to eight,248 depositors of ASO Savings and Loans, underscoring its efforts to cut back the time depositors wait to entry insured funds.
Speaking on the occasion, NDIC Managing Director and Chief Executive Officer, Thompson Sunday, stated wonderful service was not merely about assembly expectations but additionally about going past what was required to create significant worth for stakeholders.
He stated the company’s duties prolonged past insurance policies and processes to the expertise it created for individuals and establishments it interacted with.
According to him, the company had lately taken steps to strengthen its buildings, enhance processes, improve collaboration and combine expertise and information to make its operations extra environment friendly and responsive.
Sunday stated customer support was the accountability of each member of employees, stressing that each worker contributed to the expertise stakeholders had with the company.
He stated the NDIC’s dedication to professionalism, responsiveness, empathy, integrity, accountability and excellence should proceed past the Customer Service Week.
The NDIC boss stated the company remained dedicated to repeatedly enhancing its providers and strengthening the arrogance underpinning Nigeria’s monetary system.
Sunday famous that the company’s position in deposit insurance coverage, financial institution supervision and financial institution decision remained important to sustaining a steady and reliable monetary system.
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