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The short answer
When the CBN revokes a microfinance bank's licence, the NDIC pays each depositor's insured deposits, up to ₦2 million per depositor for MFBs (the limit set in May 2024). Depositors whose accounts are linked to a BVN are paid into their accounts at other banks; others claim with proof of deposit, a valid ID, a passport photograph and BVN, using the NDIC's Depositors Verification Form online or at an NDIC office.
Losing a bank is frightening, but deposit insurance exists for exactly this. The Nigeria Deposit Insurance Corporation (NDIC) steps in when the Central Bank of Nigeria (CBN) withdraws a bank's licence, verifies depositors and pays insured sums. The most recent large case: on 1 July 2026 the CBN cancelled the licences of 46 microfinance banks, and by 10 July the NDIC had started verifying their depositors.
How much is covered
The NDIC raised its cover in May 2024. For microfinance banks the maximum is ₦2 million per depositor, up from ₦200,000; for commercial banks it is ₦5 million. The limit applies per depositor per bank, and covers deposits, not shares in the bank.
Worked example
| Example depositor | Balance at closed MFB | Insured (up to ₦2m) | Uninsured remainder |
|---|---|---|---|
| Trader with savings | ₦850,000 | ₦850,000 | ₦0 |
| School owner with fees account | ₦3,600,000 | ₦2,000,000 | ₦1,600,000 |
| Couple with one joint account | ₦2,400,000 | Check with NDIC how joint accounts are treated | Ask NDIC |
Check: ₦3,600,000 minus ₦2,000,000 is ₦1,600,000. The insurance does not pay the uninsured part. Any further recovery depends on what the NDIC, acting as liquidator, realises from the failed bank's assets, which can take years and is not guaranteed. Our guide to how NDIC payouts work explains the stages.
Who is paid without filing a claim
According to the NDIC's July 2026 notice reported by Legit.ng, depositors whose accounts at the failed bank are linked to their BVN have their insured deposits paid directly into their accounts at other banks. The NDIC uses the BVN to find your other accounts. If you have an active account elsewhere and your BVN was on the failed account, watch that account first.
Who must claim, and what to bring
If your account was not linked to a BVN, or no payment arrives, you file a claim. The NDIC's claims page lists the documents:
- Proof of deposit: passbook, cheque book, statement of account, or fixed or term deposit certificate.
- Valid identification: driver's licence, international passport, national ID or NIN, voter's card, or an endorsed letter from a traditional ruler or Local Government Chairman.
- A recent passport photograph.
- Details of an active bank account to be paid into.
- A completed checklist form if you submit manually.
- Your BVN, which the online form requires.
Companies, partnerships, associations and estates of deceased depositors need extra documents, such as a certificate of incorporation, resolution, or letters of administration; the NDIC page lists them by category.
How to file
- Go to ndic.gov.ng and open Your Claims. Choose the Depositor Form and select the failed bank from the list.
- Fill the Depositors Verification Form (CRD VF1) online, or download it. Details must match your bank records.
- Upload or attach your documents and give the receiving bank account.
- If you filled the form by hand, email scans to claimscomplaints@ndic.gov.ng, or deliver to The Director, Claims Resolution Department, NDIC, Mamman Kontagora House, 23A Marina, Lagos.
- Alternatively, take your documents to the verification desk at the failed bank's office, where NDIC staff were posted in July 2026, or to any NDIC office.
For the 46 banks closed in July 2026, the NDIC published these lines: 09037273810, 09038197064, 08104220807 and 09064657140. Its general line is 0800 6342 4357 and email info@ndic.gov.ng.
Special cases
Your name has changed
The NDIC's online depositor form has a field for the reason for a name change, with options including marriage. Bring evidence that links the old and new names, such as a marriage certificate or sworn declaration, alongside your ID, because the claim must match the name in the failed bank's records.
The depositor has died
The claims page asks for Letters of Administration, a Will or a Court Order, the death certificate, and IDs and passport photographs of the beneficiaries. Families should gather these early; they usually take longer to obtain than the claim takes to file.
Business, church, school or association accounts
Companies need a certificate of incorporation, company seal, an authorisation letter and IDs and photos of authorised officers. Associations and clubs need a list of trustees, a resolution and IDs of signatories. Sole proprietors need their certificate of registration.
Keep your claim strong
- Make sure every document shows your full name and is legible; the NDIC page asks for exactly that.
- Give an active account at a working bank for payment, and check the account number twice.
- Keep copies of everything you submit and the date you submitted it.
- Keep using the NDIC's own channels for updates rather than social media groups.
If the amount is wrong or your account is missing
The NDIC's complaint form covers two problems: a discrepancy in the amount, and omission, where your account was not captured. It asks for your BVN and supporting documents. Use it rather than starting a second claim.
Avoid claim scams
- The NDIC does not charge a fee to pay insured deposits.
- Nobody needs your PIN or online banking password to process a claim.
- Ignore agents who offer to "speed up" payment for a percentage.
Where Pryme fits
Naira deposits for Pryme customers are held by Solid Allianze Microfinance Bank Ltd, licensed by the CBN and insured by the NDIC up to the applicable limit. You can check any MFB's status with our guide on checking a microfinance bank licence, and read how Pryme works.
Questions people ask
How much will NDIC pay if my microfinance bank closes?
Up to ₦2 million per depositor for microfinance banks, the limit set in May 2024. Amounts above that depend on liquidation recoveries.
How do I claim my money from a closed microfinance bank?
If your account had a BVN, NDIC pays your other bank account. Otherwise fill the Depositors Verification Form on ndic.gov.ng or visit the bank's office or an NDIC office with proof of deposit, ID, a passport photo and BVN.
What is the NDIC claims email?
claimscomplaints@ndic.gov.ng, according to the NDIC claims page. Physical claims go to the Claims Resolution Department, 23A Marina, Lagos.
Which microfinance banks did CBN close in 2026?
The CBN revoked the licences of 46 MFBs on 1 July 2026. The NDIC claims form lists the failed banks it is paying.
Sources
- NDIC: Your Claims, step by step (Depositors Verification Form CRD VF1) · accessed Oct 2026
- Legit.ng: NDIC begins verification of depositors of 46 failed microfinance banks (10 July 2026) · accessed Oct 2026
- Arise News: NDIC increases deposit insurance coverage levels (May 2024) · accessed Oct 2026
- Central Bank of Nigeria: Micro-Finance Banks (list of licensed MFBs) · 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.