NGThe Nigeria Deposit Insurance Corporation (NDIC) has begun compensating depositors of 46 microfinance banks whose licenses were revoked by the Central Bank of Nigeria (CBN) in July 2026. The revocation followed these banks' inability to meet regulatory standards, including insufficient assets, operational failures, and failure to maintain required capital. As the provisional liquidator, NDIC is paying guaranteed deposits to affected customers and working with the Nigeria Inter-Bank Settlement System (NIBSS) to automate payments using Bank Verification Numbers (BVNs). This approach allows automatic identification of alternative accounts for depositors, reducing reliance on manual claims. The process mirrors previous efforts with the defunct Heritage Bank, where over 700,000 depositors received compensation.
Bias read (Center): The article reports on a procedural action taken by the NDIC regarding the revocation of microfinance bank licenses and subsequent depositor compensation. It presents factual information without overtly favoring any political side, focusing on regulatory actions and financial processes rather than a
