NDIC: Depositors of 46 Revoked MFBs Protected, Payments Ongoing

NDIC: Depositors of 46 Revoked MFBs Protected, Payments Ongoing

Nume Ekeghe

The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare, has assured depositors of microfinance banks (MFBs) whose licences were revoked by the Central Bank of Nigeria (CBN) that they remain protected under the country’s deposit insurance framework, as the corporation continues payment of the guaranteed portion of their deposits.

The Managing Director/Chief Executive Officer, NDIC, Mr. Thompson Oludare, said the corporation was still paying eligible depositors of the 46 MFBs whose licences were revoked by the CBN on July 1, 2026.

Oludare said the payment process was ongoing and that the corporation could not yet provide a final figure for the number of depositors paid, as new beneficiaries continued to be identified and processed.