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The short answer
There is no fixed legal deadline on the NDIC's public pages, but recent closures show the pattern: after the CBN revoked Heritage Bank's licence on 3 June 2024, the NDIC said it began paying insured deposits within four days, straight into depositors' BVN-linked accounts at other banks. Depositors without a BVN, without another account, or with restricted accounts wait longer, because they must be verified and file a claim. Amounts above the insured limit come much later, as liquidation dividends.
The worry after a bank closes is simple: when do I see my money? The answer splits into three timelines, and which one you are on depends mostly on your BVN and whether you hold another active bank account.
Timeline one: the BVN payout (days)
The NDIC uses the Bank Verification Number to find each depositor's accounts at other banks and pays the insured sum there. In its statement on Heritage Bank, reported by TheCable on 12 August 2024, the NDIC said:
- The CBN revoked Heritage Bank's licence on 3 June 2024.
- Two days later the NDIC said it was already paying depositors.
- It described starting payment within four days of closure as a record.
- Depositors did not need to visit an NDIC office or complete forms.
- By 12 August 2024, it had paid 82.36% of total insured deposits.
So if your account at the failed bank was correctly linked to your BVN and you have another active account that can receive the money, you can expect the insured sum to arrive within days to a few weeks of closure, based on that case.
Timeline two: verification and claims (weeks to months)
The remaining 17.64% of Heritage Bank's insured deposits in August 2024 were held up, according to the NDIC, mostly by these issues:
| Reason for delay | What it means | What you can do |
|---|---|---|
| No BVN or BVN mismatch | The NDIC cannot match you to another account | File a claim with ID and proof of deposit |
| Post-no-debit on your accounts | The receiving account is restricted | Clear the restriction with your other bank |
| No alternate account | Nowhere to send the money | Open an account and give its details on the claim form |
| KYC limits on the receiving account | A low-tier account cannot receive the full sum | Upgrade the receiving account |
| Not yet verified | You have not come forward | Respond to NDIC calls and texts; attend verification |
For larger exercises the NDIC runs physical verification. After the CBN revoked the licences of 46 microfinance banks on 1 July 2026, Legit.ng reported on 10 July 2026 that the NDIC had begun verification at the closed banks' offices, paying BVN-linked depositors to their other accounts and asking others to bring proof of ownership, ID, a passport photograph and BVN, or to use an online pre-verification form.
How long this takes depends on how quickly you supply complete documents. Our guide to claiming an NDIC deposit step by step lists what to send.
Timeline three: money above the limit (years)
The insured limit on the NDIC FAQ is ₦5,000,000 per depositor at deposit money banks and primary mortgage banks, and ₦2,000,000 at microfinance banks. Anything above that is paid, if at all, from what the liquidator recovers by selling assets and collecting loans. No date is set. See liquidation dividends explained.
Worked example
Example only. Ifeoma had ₦1,200,000 in a microfinance bank that closed, with a valid BVN and an active account elsewhere. Her full balance is under the ₦2,000,000 MFB limit, so she is on timeline one. Her neighbour Musa had ₦2,600,000 in the same bank but no other account. He is on timeline two for ₦2,000,000, once he opens an account and is verified, and timeline three for the remaining ₦600,000 (₦2,600,000 minus ₦2,000,000).
How to speed up your own payout
- Make sure your BVN details match on all accounts: name spelling, date of birth and phone number.
- Keep at least one other active, upgraded account at a different bank, without restrictions.
- Answer calls and texts from official NDIC numbers; the NDIC said in 2024 it contacts unpaid depositors this way.
- If you are not paid within a few weeks, file the Depositors Verification Form online or email claimscomplaints@ndic.gov.ng.
- Keep your statements or passbook so your balance on the closure date can be proven.
Why the NDIC can pay so quickly now
The NDIC FAQ explains that linking accounts through the BVN aids the speed of paying insured sums, because the NDIC no longer has to wait for every depositor to come forward with paperwork. That is why the first timeline has shrunk to days, while the second still depends on individual documents. If you are not sure your bank is insured at all, see how to check if a bank is NDIC insured.
Where Pryme fits
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. Pryme Financial is a technology company, not a bank. A Pryme account opened with your BVN can also serve as the active second account the NDIC pays into if another bank fails. See open an account.
Questions people ask
How long does NDIC take to pay depositors?
For Heritage Bank in 2024, the NDIC said it started within four days of closure for BVN-linked depositors. Others wait for verification and claims, which takes longer.
Why have I not received my NDIC payment?
The NDIC has cited missing or mismatched BVNs, post-no-debit restrictions, no alternate account, KYC limits and not coming forward for verification.
Will NDIC pay into my other bank account?
Yes, if your BVN links you to an active account at another bank. That is the NDIC's main payout route.
When will I get money above ₦5 million from a failed bank?
Only when the liquidator recovers assets and declares liquidation dividends; there is no fixed date.
Sources
- 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
- NDIC: Frequently asked questions (insured limits, joint accounts, pass-through cover, liquidation) · accessed Oct 2026
- NDIC: Your claims (Depositors Verification Form and claim steps) · 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.