The Nigeria Deposit Insurance Corporation (NDIC) mentioned 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 not too long ago 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 mentioned it leveraged Bank Verification Number (BVN) validation via the Nigeria Inter-Bank Settlement System (NIBSS) to determine depositors and acquire various financial institution accounts, thereby enabling quicker settlement of claims.
The company additionally mentioned it had commenced fee of insured deposits inside three days of licence revocation for newly closed banks.
In one other claims-resolution initiative, the NDIC mentioned 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, mentioned wonderful service was not merely about assembly expectations but additionally about going past what was required to create significant worth for stakeholders.
He mentioned 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 not too long ago taken steps to strengthen its constructions, enhance processes, improve collaboration and combine expertise and information to make its operations extra environment friendly and responsive.
Sunday mentioned customer support was the duty of each member of workers, stressing that each worker contributed to the expertise stakeholders had with the company.
He mentioned the NDIC’s dedication to professionalism, responsiveness, empathy, integrity, accountability and excellence should proceed past the Customer Service Week.
The NDIC boss mentioned the company remained dedicated to repeatedly enhancing its providers and strengthening the boldness 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 secure and reliable monetary system.
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