AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
When the CBN closes a bank, the NDIC first pays insured deposits into each depositor's account at another bank, found through their BVN, with no form needed. If you are not paid that way, you file a claim on the NDIC's Depositors Verification Form (online or downloaded) with proof of deposit, a valid ID, a passport photograph and details of an active bank account, and send it online, by email to claimscomplaints@ndic.gov.ng or to the Claims Resolution Department at 23A Marina, Lagos.
A claim only arises after a bank has actually closed. The NDIC's own FAQ is clear that an insured deposit is payable only when an insured institution has been closed, either by CBN licence revocation or because it has suspended payments. If your bank is merely slow, unhelpful or rumoured to be in trouble, the NDIC has nothing to pay yet, and the right route is a complaint to the bank and then the CBN (see how to complain to the NDIC for which body handles what).
Route one: the BVN payout, where you do nothing
Since the Bank Verification Number links your accounts across Nigerian banks, the NDIC uses it to find another account in your name and pay your insured sum straight into it. In the Heritage Bank closure of June 2024, the NDIC said it began paying within four days of the bank's closure and that depositors did not have to visit an office or complete forms, because payments went to their accounts at other banks (TheCable, 12 August 2024).
The same report listed why some people were still unpaid two months later. These are the cases where you will need route two:
- Your account at the failed bank had no BVN, or the BVN details did not match.
- You have no other bank account for the money to go to.
- The other account had a post-no-debit restriction or a KYC limit too low to receive the amount.
- You had not yet come forward for verification.
If one of these applies to you, fix it first where you can. Opening or upgrading an account at another bank, and making sure the name, date of birth and phone number on it match your BVN record, often removes the blockage.
Route two: filing a claim yourself
Documents the NDIC asks for
The NDIC claims page lists the following for an individual depositor. It asks that every document clearly shows your full name and is legible.
| Item | What counts |
|---|---|
| Proof of deposit | Passbook, cheque book, statement of account, or fixed or term deposit certificate |
| Valid ID | Driver's licence, international passport, NIN slip or national ID card, voter's card, or a letter from a traditional ruler or local government chairman |
| Photograph | A recent passport photograph |
| Payment account | Details of an active account at another bank, with your BVN |
| Checklist form | Required only if you submit manually |
Companies, government agencies, partnerships, sole proprietors, associations and clubs, and the families of deceased depositors each have extra requirements listed on the same page. If you have lost your passbook, the NDIC FAQ says you need a police report and a court-certified affidavit, as well as ID.
Steps
- Go to the NDIC claims page and open the Depositors Verification Form (CRD VF1). You can fill it online or download it.
- Enter the name of the failed bank from the list, your personal details, the accounts you held there and the active account you want to be paid into, including its BVN. The BVN and account number fields are compulsory; NIN and TIN are optional.
- If your name differs between documents (for example after marriage), give the reason in the name-change field and attach evidence.
- Upload or attach proof of deposit, ID and photograph.
- Check that names match across all documents, that signatures are present and that the receiving account number is correct.
- Submit online (the NDIC recommends this), or email scanned documents to claimscomplaints@ndic.gov.ng, or post or deliver them to The Director, Claims Resolution Department, NDIC, Mamman Kontagora House, 23A Marina, Lagos.
How much you can receive
The NDIC FAQ states the current maximum as ₦5,000,000 per depositor for deposit money banks (including non-interest banks) and primary mortgage banks, and ₦2,000,000 per depositor for microfinance banks. Cover is naira for naira and includes interest accrued up to the date of closure. The full rules on who counts as one depositor are in NDIC cover for joint and multiple accounts.
Worked example
Example only. Bola had ₦3,400,000 in a microfinance bank that closed. The insured limit for MFBs is ₦2,000,000, so the NDIC pays her ₦2,000,000 as her insured sum. The remaining ₦1,400,000 (₦3,400,000 minus ₦2,000,000) is an uninsured claim. She may recover some or all of it later as liquidation dividends, depending on what the liquidator recovers from the bank's assets.
What to check first
- Confirm the bank has actually been closed: the NDIC claims form lists the failed banks it is paying.
- Check whether money has already arrived in another account linked to your BVN before filing anything.
- Gather the documents above in one place, with matching names.
- Use only the official NDIC website, claims email or addresses; the help desk is 0800-6342-4357 (0800-NDIC-HELP).
- Keep copies of everything you submit and the date you sent it.
For closures that affected many depositors at once, such as the 46 microfinance banks whose licences the CBN revoked on 1 July 2026, the NDIC also ran verification exercises at the closed banks' offices and published phone lines for enquiries (Legit.ng, 10 July 2026). Watch for NDIC notices in the media and at the bank's premises.
Where Pryme fits
Pryme Financial is a technology company, not a bank. Naira deposits in a Pryme account are held by Solid Allianze Microfinance Bank Ltd, licensed by the CBN and insured by the NDIC up to the applicable limit, so the claims process above is the one that would apply. Keeping a second, BVN-linked account in good order is also what lets an NDIC payout land quickly. See how Pryme works or open an account.
Questions people ask
How do I claim my money from NDIC after my bank closed?
If you were not paid automatically into another BVN-linked account, fill the Depositors Verification Form on the NDIC claims page and submit it online, by email to claimscomplaints@ndic.gov.ng, or to 23A Marina, Lagos, with proof of deposit, ID, a passport photo and an active account.
Do I need to fill a form to get my NDIC money?
Not if your account had a valid BVN and you hold another active account. NDIC pays those depositors directly. The form is for people the BVN route could not reach.
What documents does NDIC need for a claim?
Proof of deposit (passbook, cheque book, statement or fixed deposit certificate), valid ID, a recent passport photograph, active bank account details and, for manual claims, the checklist form.
Does NDIC charge to pay my insured deposit?
The NDIC does not list any fee on its claims page. Treat anyone asking for payment to process your claim as a likely scam.
Sources
- NDIC: Your claims (Depositors Verification Form and claim steps) · accessed Oct 2026
- NDIC: Frequently asked questions (insured limits, joint accounts, pass-through cover, liquidation) · accessed Oct 2026
- TheCable: NDIC update on Heritage Bank insured deposit payments (12 Aug 2024) · accessed Oct 2026
- Legit.ng: NDIC begins verification of depositors of 46 failed microfinance banks (10 Jul 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.