This post was originally published on this site.
The NDIC has announced plans to verify the customers of 46 microfinance banks that lost their licencesDepositors with BVN-linked accounts will receive payments through their existing bank accounts, while others must visit affected bank officesThe 46 affected banks span 20 states and the FCT, with Kano and Lagos having the highest concentration of closed institutions
The Nigeria Deposit Insurance Corporation (NDIC) has begun verifying depositors of 46 microfinance banks whose operating licences the Central Bank of Nigeria (CBN) cancelled on July 1, 2026, marking the first step towards paying out insured deposits to affected customers.
The corporation disclosed in a statement that its officials had moved into the offices of the closed institutions across Nigeria to carry out the verification exercise.
NDIC has explained how customers of 46 failed banks can recover their deposits through physical verification and online claims. Photo: BloombergSource: Getty Images
How depositors will receive their money
NDIC said customers whose Bank
