{
  "id": 13067793,
  "title": "NDIC clears N1.48bn owed 10,312 depositors of failed banks",
  "url": "https://urgent.news/2026/10/09/ndic-clears-n1-48bn-owed-10-312-depositors-of-failed-banks",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T06:12:25.000Z",
  "source": {
    "name": "Daily Trust",
    "slug": "daily-trust",
    "url": "https://dailytrust.com/ndic-clears-n1-48bn-owed-10312-depositors-of-failed-banks/"
  },
  "original_language": "en",
  "account": "The Nigeria Deposit Insurance Corporation (NDIC) has settled N1.48 billion owed to 10,312 depositors of 47 closed microfinance banks in an effort to expedite claims processing. This payment was made as of July 31, 2026, and included depositors from banks such as Abia SME Microfinance Bank, Frontline Microfinance Bank, and Goldman Microfinance Bank. The NDIC achieved these results by utilizing Bank Verification Number (BVN) validation via the Nigeria Inter-Bank Settlement System (NIBSS) to identify depositors and acquire alternative bank accounts, thereby facilitating more rapid claims settlements. The corporation also began paying insured deposits within three days of revoking licenses for newly closed banks, underscoring its commitment to swift resolution.\n\nAt a recent event, NDIC Managing Director and CEO, Thompson Sunday, emphasized that exceptional service extends beyond merely meeting expectations; it involves exceeding them to provide substantial value to stakeholders. He stated that the NDIC's responsibilities encompass policies, processes, and the overall experience it creates for its stakeholders—individuals and organizations alike. The corporation has recently implemented measures to bolster its structures, refine processes, enhance collaboration, and integrate technology and data to improve efficiency and responsiveness. Sunday highlighted that every employee plays a role in delivering this experience, stressing the corporation's dedication to professionalism, responsiveness, empathy, integrity, accountability, and excellence.\n\nSunday reiterated the NDIC's commitment to continuously enhance its services and reinforce trust in Nigeria's financial system, noting that the corporation's duties in deposit insurance, bank supervision, and bank resolution remain crucial for sustaining a stable and reliable financial framework.",
  "summary": "The Nigeria Deposit Insurance Corporation (NDIC) said it has paid N1.48 billion to 10,312 insured depositors of 47 newly closed microfinance banks (MFBs) as part of efforts to accelerate claims settlement. The payments, which were made as of July 31, 2026, covered depositors of recently closed MFBs, including Abia SME Microfinance Bank, Frontline Microfinance Bank […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}