Ayomide Awe
The Nigeria Deposit Insurance Corporation has paid N1.48bn to 10,312 depositors of 47 recently closed microfinance banks as part of measures to protect depositors and sustain confidence in Nigeria’s financial system.
The payments, made as of July 31, 2026, covered depositors of several failed microfinance banks, including Abia SME Microfinance Bank, Frontline Microfinance Bank and Goldman Microfinance Bank.
The NDIC Managing Director, Thompson Sunday, disclosed this in Abuja on Thursday during the corporation’s 2026 Customer Service Week celebration, themed, “Go the Extra Mile.”
Sunday explained that the corporation deployed the Bank Verification Number system to identify depositors and obtain alternative bank account details, thereby making the payment of insured claims faster and easier.
The development is part of the NDIC’s responsibility to protect insured depositors whenever financial institutions covered by its deposit insurance scheme are closed.
The NDIC boss said the corporation’s mandate went beyond paying insured deposits, stressing that it remained a key 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 of the financial system was critical to economic growth because individuals and businesses depended on banks and other financial institutions to safeguard their money, facilitate transactions, provide access to credit and create confidence for investment.
Sunday, however, said the effectiveness of the NDIC’s mandate should not be measured only by its policies and procedures but also by the quality of service provided to depositors and other stakeholders.
He urged the corporation’s workers to respond promptly to complaints, resolve issues professionally, demonstrate empathy and work across departments to ensure that assignments were completed efficiently.
According to him, excellent customer service should not be limited to a designated week but should become part of the corporation’s daily operations.
He said, “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.”
Sunday disclosed that the NDIC had embarked on the NDIC ASCENDS restructuring programme, aimed at strengthening its structures, improving processes, enhancing collaboration and deploying technology and data to make the corporation more efficient and responsive.
He added that the corporation had also completed a comprehensive review of its Strategic Plan, resulting in a refreshed mission, strategic objectives and initiatives, as well as a new set of core values captured by the acronym EPIIC — Excellence, Professionalism, Integrity, Innovation and Collaboration.
The managing director stressed that customer service was the responsibility of every NDIC employee, regardless of whether such a worker interacted directly with depositors or provided support to colleagues dealing with the public.
He said, “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.”
Sunday commended NDIC employees for their dedication, urging them to use the customer service week to renew their commitment to professionalism, responsiveness, empathy, integrity, accountability and excellence.
He assured depositors that the corporation would continue to place them at the centre of its operations, stressing that public confidence in the financial system remained fundamental to Nigeria’s economic stability and growth.
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