The Nigeria Deposit Insurance Corporation (NDIC) has begun automatic payments to depositors of 46 collapsed microfinance banks, using BVN-linked accounts without requiring physical visits.
The NDIC announced that insured depositors are receiving up to N2 million directly into their alternative bank accounts through the Nigeria Inter-Bank Settlement System (NIBSS).
Managing Director Thompson Sunday revealed that payments began immediately after the Central Bank of Nigeria revoked the banks’ licences on July 1, 2026.
“We’ve traced depositors’ alternative accounts and credited them directly – no queues, no paperwork,” Sunday stated at an Abuja event.
