NDIC Begins Verification, Deposit Refund Process for Customers of 46 Closed Microfinance Banks
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), as part of efforts to facilitate the payment of insured deposits.
The Corporation, in a statement issued on Thursday, said its officials had begun the verification exercise at the offices of the affected banks nationwide.
According to the NDIC, depositors whose Bank Verification Numbers (BVNs) are linked to their accounts in the failed banks will receive their payments directly into alternative bank accounts already linked to their BVNs.
The Corporation advised customers whose accounts were not linked to their BVNs to visit the offices of the affected banks with documents proving ownership of their accounts. Required documents include a recent passport photograph, a valid means of identification such as a National Identity Card, Permanent Voter’s Card, Driver’s Licence or International Passport, as well as their BVN.
The NDIC also introduced an online claims option for affected depositors. It urged customers to visit its website and complete the Pre-Verification Claims Form to begin the verification process without necessarily visiting any of the failed banks.
In addition, depositors may submit their claims at any NDIC office closest to them across the country.
The Corporation encouraged customers seeking further clarification on the exercise to contact its designated help lines, while directing members of the public to its website for the complete list and addresses of the affected microfinance banks.
The verification exercise follows the revocation of the operating licences of the 46 microfinance banks by the CBN on July 1, 2026, after the institutions failed to meet regulatory requirements for continued operation. Following the revocation, the NDIC was appointed as the official liquidator to oversee the orderly settlement of insured depositors and the liquidation process.