NDIC pays N1.48bn to 10,312 depositors of 47 closed MFBs
NDIC Disburses N1.48 Billion to Microfinance Depositors
By Emma Ujah, Abuja Bureau Chief
The Nigeria Deposit Insurance Corporation (NDIC) has disbursed N1.48 billion to 10,312 insured depositors from 47 recently closed microfinance banks (MFBs) as part of its initiative to reinforce public confidence in the banking sector.
Thompson Sunday, Managing Director of the NDIC, announced the payments during the corporation’s Customer Service Week celebration held Thursday in Abuja. The theme for this year’s event is “Go the Extra Mile.”
As of July 31, 2026, the funds have been allocated to depositors from several closed institutions, including Abia SME Microfinance Bank, Frontline Microfinance Bank, and Goldman Microfinance Bank. Sunday noted that the NDIC utilized the Bank Verification Number (BVN) system to efficiently identify depositors and facilitate the retrieval of alternate bank account details, thus expediting the claims process.
In his remarks, Sunday called on NDIC staff to exceed routine obligations in delivering professional and efficient services to depositors and stakeholders. He emphasized that excellence in customer service extends beyond a designated week and should be an ongoing commitment at all levels of the organization.
“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,” he stated. He underscored that outstanding service involves transcending expectations to foster meaningful experiences for those served.
The NDIC’s role encompasses more than financial disbursements; it is also pivotal to Nigeria’s financial stability through deposit insurance, banking supervision in partnership with the Central Bank of Nigeria, and the resolution of failing institutions.
Sunday highlighted the importance of a stable financial system, noting its vital role in supporting both individual and business needs, including safeguarding funds, facilitating transactions, and providing access to credit.
He reiterated that the NDIC’s responsibilities also include the manner in which it interacts with depositors and stakeholders. “It is about the experience we create in every encounter,” he said, emphasizing a commitment to service.
Sunday characterized “going the extra mile” as achievable through everyday practices, such as promptly addressing complaints, professionally resolving issues, and collaborating across departments to ensure timely task completion.
He pointed to the NDIC ASCENDS restructuring program as a key initiative aimed at enhancing operational efficiency through improved processes and technological advancements. Additionally, the corporation has recently completed a comprehensive review of its strategic plan, resulting in a renewed mission and core values encapsulated in the acronym EPIIC: Excellence, Professionalism, Integrity, Innovation, and Collaboration.
Sunday asserted that customer service is not confined to a single department; rather, every NDIC staff member contributes to the overall experience of clients. He commended employees for their dedication and encouraged them to use Customer Service Week as an opportunity to reaffirm their commitment to high standards of service.
He concluded by assuring that the NDIC would maintain a focus on depositors, as public confidence remains essential to economic stability and growth in Nigeria.
