•Over 700,000 Heritage Bank depositors paid
By Cynthia Alo
The Nigeria Deposit Insurance Corporation, NDIC, has said that it has commenced payment of depositors of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria, CBN, in July 2026.
The Managing Director and Chief Executive Officer of NDIC, Mr. Thompson Sunday, disclosed this on yesterday during an interview with journalists at the 2026 stakeholders’ retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos.
The retreat was held under the theme, “Strengthening Financial Safety Nets in an Era of Banking Sector Recapitalisation and Fintech Innovation.”
Recall that last month, CBN revoked the operating licences of 46 microfinance banks following their failure to meet regulatory requirements.
The affected banks were found to have inadequate assets to meet their liabilities, ceased operations without regulatory approval, stopped financial
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