The Nigeria Deposit Insurance Corporation (NDIC) has started direct electronic payouts to customers affected by the closure of 46 microfinance banks.Eligible depositors will receive up to ₦2 million via alternative bank accounts using their BVNs.Those without BVNs must visit NDIC offices for verification.Depositors with balances exceeding ₦2 million may get additional payments later after asset recovery.The CBN revoked the licenses of these banks on July 1, 2026, for failing to meet regulatory standards.NDIC is using the NIBSS system to expedite payments, with some customers receiving funds within days.This initiative aims to protect depositors' savings and restore confidence in the banking system.