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The short answer
When a Nigerian bank closes, the NDIC uses your BVN to find another account in your name and pays the insured amount into it, often within days, without a claim form. If you have no linked account, your BVN is missing or names do not match, you file through the NDIC's online depositor form or by email, attaching proof of deposit, a valid ID and details of an active account; balances above the insured limit come later as liquidation dividends.
For a Nigerian abroad, a bank failure at home raises an immediate worry: how do I claim when I cannot walk into an office in Lagos? The process now runs mainly through your BVN and online forms, so most of it can be done from anywhere. What matters is preparation.
How NDIC pays when a bank closes
When the CBN revokes a bank's licence, the NDIC is appointed liquidator and pays insured deposits. At a town hall reported by Arise News on 15 February 2026, the NDIC said it had used the BVN "as a unique identifier" to trace depositors' alternate accounts into which insured sums were transferred within days of closure. For Heritage Bank, whose licence was revoked on 3 June 2024, TheCable reported that 82.36% of insured deposits had been paid by 12 August 2024.
Cover limits, per the NDIC: ₦5,000,000 per depositor at deposit money banks, ₦2,000,000 at microfinance banks. Amounts above that are paid as liquidation dividends when the failed bank's assets are realised.
Why some depositors are not paid at first
A NAN report of an NDIC statement (30 March 2025) listed the reasons insured sums remained unpaid for some Heritage depositors:
- No BVN on the account, or no other bank account linked to the BVN.
- A Post No Debit restriction on the alternate account.
- Tier 1 KYC lodgement limits on the alternate account.
- Name mismatches between accounts.
The NDIC also advised depositors to check their alternate accounts, as alerts may not be sent. Many diaspora customers fall into one of these groups: an old account without a BVN, or a second account that went dormant. See keeping a Nigerian account active from abroad.
Filing a claim from abroad: steps
- Check every Nigerian account linked to your BVN for a credit from the NDIC. If you are paid, you need do nothing more for the insured part.
- If not, go to the NDIC "Your claims" page and complete the online depositor form. The page asks for a passport photograph, the failed bank, your name, phone and address, the active bank account to be paid into, and your BVN; NIN and TIN are optional.
- Prepare proof of deposit (statement, passbook, cheque book or fixed deposit certificate) and a valid ID (international passport, driver's licence, NIN or national ID, or voter's card).
- If you prefer email, the NDIC claims page lists claimscomplaints@ndic.gov.ng; the physical address is the Claims Resolution Department, Mamman Kontagora House, 23A Marina, Lagos.
- Use the complaint form on the same page if the amount paid looks wrong or you were missed.
- Keep copies and reference numbers. Liquidation dividends for amounts above the cap are paid later, again to BVN-linked accounts in NDIC records.
If the account was a joint or business account
The NDIC FAQ says joint accounts with a valid mandate and withdrawal rights are insured separately from each owner's individual accounts, and the claims page has separate document lists for companies, partnerships, sole proprietors, associations and deceased depositors. If the depositor has died, the claim is made by the estate, so the steps in letters of administration apply.
Above the insured limit
Liquidation takes time. For Heritage, Nairametrics reported a first dividend in April 2025 (9.2 kobo per naira) and a second in January 2026 (5.2 kobo per naira), 14.4 kobo in total on balances above ₦5 million. Creditors and shareholders are paid only after depositors, under s.72 of the NDIC Act 2023 as reported by NAN.
Example (illustrative)
Example only. A depositor had ₦9,000,000 at a failed commercial bank. Insured payment: ₦5,000,000. Uninsured balance: ₦4,000,000. At 14.4 kobo per naira in dividends so far, that is ₦576,000 (₦4,000,000 × 0.144), for a total recovered of ₦5,576,000 to date.
Prepare now, before anything happens
- Make sure each Nigerian account carries your BVN; if you do not have one, see NRBVN applications.
- Keep at least one other active, fully KYC'd naira account in the same name.
- Keep balances at any one bank near the insured limit where practical.
- Save statements; NDIC claims rely on proof of deposit.
For how cover is calculated, see the Nigeria library's guide to how NDIC deposit insurance pays out.
Where Pryme fits
Naira deposits with Pryme are held by a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit, and the account is linked to your BVN. A Pryme account in your name can also serve as an active alternate naira account (multicurrency account, how it works).
Questions people ask
How do I claim NDIC payment if I live abroad?
Check your BVN-linked accounts first. If not paid, use the online depositor form on the NDIC "Your claims" page or email claimscomplaints@ndic.gov.ng with proof of deposit, ID and active account details.
How long does NDIC take to pay depositors?
In recent cases the NDIC paid insured sums via BVN within days of closure. Amounts above the cap come later as liquidation dividends.
What if my bank account has no BVN?
The NDIC cannot trace an alternate account automatically. File the depositor form with your documents and give an active account in your name.
Will I get money above ₦5 million back?
Only through liquidation dividends as assets are recovered. Heritage depositors had received 14.4 kobo per naira by January 2026.
Sources
- NDIC: Your claims · accessed Oct 2026
- Arise News: NDIC restates commitment to swift depositor payouts, strengthens claims process with BVN (15 Feb 2026) · accessed Oct 2026
- TheCable: NDIC pays 82.36% of Heritage Bank insured deposits (12 Aug 2024) · accessed Oct 2026
- NAN: Heritage Bank, NDIC begins payment of depositors with balances above N5m (30 Mar 2025) · accessed Oct 2026
- Nairametrics: NDIC declares N24.3 billion second liquidation dividend for Heritage Bank depositors (12 Jan 2026) · accessed Oct 2026
- NDIC: Frequently asked questions · 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.