To ensure a swift and seamless disbursement process, the NDIC has revamped its payment infrastructure through a direct partnership with the Nigeria Inter-Bank Settlement System (NIBSS). This integration enables insured depositors with accounts linked to a Bank Verification Number (BVN) to receive payouts automatically into their alternative bank accounts, eliminating the need to submit physical claims or manual paperwork.
While automated disbursements are actively underway for insured balances, the NDIC is simultaneously pursuing debt recoveries from former borrowers and liquidating physical assets belonging to the closed institutions. The proceeds from these asset sales and loan recoveries will be allocated toward reimbursing depositors whose balances exceed the statutory insured limit.
Providing a broader update on bank resolutions, Mr. Sunday highlighted the progress made with Heritage Bank, where approximately 700,000 depositors have successfully received their insured deposits to date through the automated BVN arrangement. However, he noted that several accounts remain unpaid because they were inherited from legacy institutions such as Enterprise Bank, Spring Bank, and Guardian Express Bank prior to the implementation of the BVN framework. Affected depositors who have not yet received their funds are encouraged to contact the NDIC for manual verification and settlement.
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Reflecting on the wider banking sector, the NDIC chief observed that recent recapitalization exercises have strengthened financial institutions' overall capacity to drive national economic growth. Nevertheless, he emphasized that higher capital bases must be reinforced by sound corporate governance, effective regulatory oversight, and robust risk management practices to ensure long-term stability across Nigeria's financial ecosystem.
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