NDIC says cumulative payments to insured depositors reached N69.65bn

The Nigeria Deposit Insurance Corporation says its cumulative payments to insured depositors of failed financial institutions have reached N69.65bn.

Gwa Uduak, the corporation’s director of strategy development, gave the total on Thursday at the opening of its 2026 Customer Service Week in Abuja. The figure is a cumulative payment total, not an announcement of a new N69.65bn payout.

Punch reported her remarks and details from a video presentation shown at the event. Uduak said the corporation had also paid uninsured depositors through its bank liquidation activities.

The presentation put payments to 10,312 insured depositors of 47 failed microfinance banks at N1.48bn as of July 31, 2026. The institutions included Abia SME Microfinance Bank, Frontline Microfinance Bank and Goldman Microfinance Bank.

It also listed N1.15bn paid to 1,082 depositors of Union Homes Savings and Loans Plc and N313.02m to 8,248 depositors of Aso Savings and Loans Plc through the accelerated payment programme in 2026.

The NDIC said it used Bank Verification Number validation through the Nigeria Inter-Bank Settlement System to identify depositors and obtain their alternative bank account details for payment. The presentation said insured-deposit payments for newly closed banks now begin within three days of licence revocation.

Managing Director Thompson Sunday said an institutional transformation programme, NDIC Ascend, was intended to improve operational processes, collaboration and the use of technology in service delivery.

Acting SERVICOM national coordinator Helen Lawal urged timely complaint resolution and better customer engagement. She commended the corporation’s Service Level Agreement Management System for monitoring departmental performance against agreed standards.

Source: Punch