NDIC Begins Nationwide Verification For Depositors Of 46 Shutdown Microfinance Banks

The Nigeria Deposit Insurance Corporation (NDIC) has commenced a nationwide verification exercise for customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), in a move aimed at fast-tracking the payment of insured deposits and easing growing concerns among affected depositors.

The exercise follows the CBN’s decision on July 1, 2026, to withdraw the operating licences of the 46 microfinance banks, effectively shutting down their operations and triggering the statutory process for deposit reimbursement by the NDIC.

Announcing the latest development, the Corporation said its officials have begun verification of depositors at the offices of the affected banks across the country, urging customers to take advantage of the process to facilitate prompt payment of their claims.

According to the NDIC, depositors whose Bank Verification Numbers (BVNs) were linked to their accounts in the failed banks will have their insured deposits paid directly into their alternative accounts with existing deposit money banks, a measure designed to speed up reimbursements without requiring physical visits in many cases.

However, customers whose BVNs were not linked to their accounts have been advised to visit the offices of the affected microfinance banks with documents proving ownership of their accounts, including a passport photograph, a valid means of identification such as a driver’s licence, Permanent Voter’s Card, International Passport or National Identity Card, as well as their BVN.

The Corporation also introduced an online option for claim processing, directing depositors to complete a Pre-Verification Claims Form on its website to begin the verification process electronically. It added that affected customers may also visit any NDIC office nearest to them to submit their claims and obtain assistance.

The latest announcement is expected to provide relief for thousands of depositors anxious about recovering their funds following the closure of the affected institutions. It also signals the commencement of the formal liquidation process, during which the NDIC is mandated by law to verify depositors and settle insured claims while working to recover assets of the failed banks for possible payment of uninsured deposits.

The Corporation urged all affected customers to cooperate with its verification teams and ensure they provide accurate information to avoid delays in processing their claims, while reassuring the public that the reimbursement process is underway.