NDIC pays N1.48bn to 10,312 depositors of 47 closed MFBs

By Emma Ujah, Abuja Bureau Chief

The Nigeria Deposit Insurance Corporation, NDIC, has paid N1.48 billion to 10,312 insured depositors of 47 recently closed microfinance banks, MFBs, as part of efforts to strengthen confidence in the banking system.

Managing Director of the Corporation, Mr. Thompson Sunday, disclosed this in Abuja on Thursday while speaking at the NDIC’s 2026 Customer Service Week celebration, with the theme, “Go the Extra Mile.”

Sunday said the payments, which were made as of July 31, 2026, covered depositors of recently closed microfinance banks, including Abia SME Microfinance Bank, Frontline Microfinance Bank and Goldman Microfinance Bank.

He said the Corporation leveraged the Bank Verification Number, BVN, system to identify depositors and obtain alternative bank accounts, a development that simplified and accelerated the payment of claims.

The NDIC boss charged the Corporation’s staff to go beyond routine responsibilities in delivering professional and efficient services to depositors and other stakeholders.

He said: “Let us remember that service excellence is not a one-week activity. Customer Service Week may provide the occasion for us to celebrate and reflect, but the commitment to excellent service must continue in our daily work, in every Department, Zone, Unit and Office, at every level, and in every interaction.

“This year’s theme, ‘The Extra Mile’, adequately captures the spirit of excellence and commitment that we seek to demonstrate in all we do. It reminds us that excellent service is not simply about meeting expectations; it is about going beyond what is required to create a positive experience and meaningful value for those we serve.”

According to him, the NDIC’s responsibility goes beyond the payment of insured deposits, stressing that the Corporation remains a critical component of Nigeria’s financial safety net through deposit insurance, banking supervision in collaboration with the Central Bank of Nigeria, failure resolution and orderly liquidation of failed banks.

He said the stability and dependability of the financial system were essential to the wider economy, as individuals and businesses depended on financial institutions to safeguard funds, facilitate transactions, provide access to credit and create confidence for investment and growth.

Sunday, however, noted that the discharge of the Corporation’s mandate was not only about policies, processes and procedures, but also about how depositors and other stakeholders were treated.

“Fulfilling this responsibility is not only about the policies we develop, the processes we establish or the mandates we discharge. It is also about how we serve the people and institutions we interact with daily,” he said.

“It is about the experience we create in every encounter and our willingness to do a little more to ensure that our stakeholders receive the quality of service they deserve.”

He explained that going the extra mile did not necessarily mean doing something extraordinary, but could be demonstrated through everyday actions such as responding promptly to complaints, resolving issues professionally, showing empathy and collaborating across departments to ensure that assignments were completed properly and on time.

The NDIC managing director said the Corporation had itself gone the extra mile through its NDIC ASCENDS restructuring programme**, which he said was designed to strengthen its structures, improve processes, enhance collaboration and leverage technology and data to make the Corporation more efficient and responsive in delivering its mandates.

He added that the NDIC had also recently completed a comprehensive review of its Strategic Plan, resulting in a refreshed mission, strategic themes, objectives and initiatives, as well as a new set of core values captured in the acronym EPIIC — Excellence, Professionalism, Integrity, Innovation and Collaboration.

According to him, the initiatives were designed to continually improve the Corporation’s capacity to serve depositors and other stakeholders.

Sunday stressed that customer service was not the responsibility of a particular department or group of employees, insisting that every staff member was a service provider.

“Whether we interact directly with depositors, stakeholders and the public, or provide support to colleagues within the Corporation who do so, our actions contribute to the experience people have with the Corporation,” he said.

He commended NDIC staff for their dedication and commitment, saying their professionalism and continuous pursuit of improvement remained critical to the success of the Corporation.

The NDIC boss urged employees to use the Customer Service Week to renew their commitment to professionalism, responsiveness, empathy, integrity, accountability and excellence.

He said the celebration should also provide an opportunity for staff to learn, share experiences, explore innovative approaches and challenge themselves to raise the standard of service across the Corporation.

Sunday assured that the NDIC would continue to place depositors at the centre of its operations, noting that confidence in the financial system remained fundamental to economic stability and growth.

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