The Nigeria Deposit Insurance Corporation (NDIC) has begun paying insured deposits to customers of the 46 recently failed microfinance banks.

The NDIC Managing Director and Chief Executive, Thompson Sunday, disclosed this in an interview in Abuja.

The interview took place on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.

Sunday said the corporation was using the Nigeria Inter-Bank Settlement System and customers’ Bank Verification Numbers (BVNs) for the payments.

He said NDIC had traced depositors’ alternative bank accounts and credited them directly without requiring physical visits.

He advised depositors without BVNs to visit the nearest NDIC zonal office for verification and payment processing.

“The CBN revoked the licences of the 46 microfinance banks on July 1, 2026,” he said.

He said NDIC automatically became the provisional liquidator after the revocation, in line with the law.

Sunday said the corporation had commenced payment of the insured maximum deposit of N2 million to eligible customers.

He explained that further payments would depend on the recovery of the failed banks’ assets and outstanding debts.

He said proceeds realised from recoveries would be distributed as liquidation dividends to eligible depositors.

Sunday cited Heritage Bank, Aso Savings and Union Homes as examples of NDIC’s prompt reimbursement efforts.

He said insured depositors of Heritage Bank were paid within four days of licence revocation.

He added that customers of Aso Savings and Union Homes received payments within 72 hours.

“The law allows us 30 days, but we are working to surpass our previous records,” he said.

The Central Bank of Nigeria revoked the banks’ licences for failing to meet regulatory requirements for continued operations.

The apex bank said the action was aimed at protecting depositors, strengthening financial stability and ensuring regulatory compliance.

By Tony Obiechina, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) will host the International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) Annual Meeting and Workshop from 20th to 23rd July, 2026 in Abuja.

According to a statement by Head, Communication & Public Affairs Department, Hawwau Gambo on Sunday, the meeting has the theme: “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future”

The 4-day high-level regional engagement will gather Chief Executives, Directors and senior officials of deposit insurance institutions, financial regulators and other stakeholders within the financial safety net across Africa and beyond.

The engagement will deliberate on strategies for strengthening public awareness and crisis preparedness in deposit insurance systems in line with the revised IADI Core Principles.

The focus will be on building and sustaining depositor confidence, enhancing effective communication, improving coordination among financial safety-net participants, and equipping deposit insurers with practical tools for crisis management and resolution.

The workshop will also provide a platform for peer learning, sharing of experiences, and addressing emerging risks including financial technology innovations and cyber threats, with a view to strengthening frameworks for effective crisis response across the region.

The programme will feature technical committee meetings, plenary sessions and interactive roundtable discussions covering public awareness in both normal and crisis periods, crisis preparedness and management, system-wide response operations, and simulation exercises designed to test institutional readiness.

The event will be declared open by Olayemi Cardoso, Governor, Central Bank of Nigeria (CBN).

The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele is expected to deliver the Keynote Address. Other dignitaries expected include Ms. Eva Hüpkes, IADI Secretary General, and Ms. Julia Oyet, Chairperson of the IADI-Africa Regional Committee. The Chief Host of the Conference is Thompson Oludare Sunday, Managing Director/Chief Executive, NDIC.

The International Monetary Fund (IMF) has projected that global economic growth will slow to 3.0 per cent in 2026 before recovering to 3.4 per cent in 2027.

The IMF made the projection in its July World Economic Outlook (WEO) Update, released on Wednesday and titled “Global Economy in Crosscurrents of War and Technology.

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According to the report, the global outlook remains uneven, with the ongoing war in the Middle East weighing heavily on energy-importing and vulnerable economies.

It, however, said that Artificial Intelligence (AI)-driven demand was lifting countries integrated into the global technology value chain.

“The impact varies widely based on countries’ exposure to the war and position in the technology value chain.

“Energy exporters outside the conflict zone benefit from favourable terms of trade, whereas economies plugged into the technology-led upturn experience stronger activity even if they are energy importers.”

It said that economic activities would weaken in energy-importing countries with limited participation in the technology value chain, a group that includes many low-income economies.

The IMF also projected global headline inflation to increase from an estimated 4.1 per cent in 2025 to 4.7 per cent in 2026 before declining to 3.9 per cent in 2027.

According to the fund, the projections, which were revised slightly upward from the April outlook, suggest that the disinflation trend observed since early 2024 has stalled.

“For Sub-Saharan Africa, growth is expected to remain stable at 4.3 per cent in 2026 before rising to 4.5 per cent in 2027.

“However, the regional outlook masks significant differences across countries due to varying policy space, reform implementation and exposure to external shocks,” it said.

The report said that oil-importing, non-resource-intensive economies would be more adversely affected by higher energy and food prices.

It said that some larger economies would continue to benefit from earlier stabilisation and reform efforts despite remaining largely outside the AI-driven technology upswing and facing reduced official development assistance.

For Nigeria, the IMF projected economic growth of 4.1 per cent in 2026, and rising to 4.3 per cent in 2027.

“Nigeria is supported by improved macroeconomic stability and favourable terms-of-trade effects, though higher prices for essentials are expected to further aggravate poverty and food insecurity,” it said.

The report said among advanced economies, growth was projected at 1.7 per cent in 2026 and 1.8 per cent in 2027.

For emerging markets and developing economies, it projected growth to slow to 3.8 per cent in 2026 before recovering to 4.5 per cent in 2027.

The IMF projected growth in the Middle East and Central Asia to decline sharply to 0.7 per cent in 2026 before rebounding to 6.5 per cent in 2027.

It projected that growth in Latin America and the Caribbean would remain stable at 2.4 per cent in 2026 before rising modestly to 2.7 per cent in 2027.

It said that growth in emerging and developing Europe would remain restrained at about 2.0 per cent.

According to the IMF, risks to the global outlook are more balanced than in April but remain tilted to the downside.

It warned that renewed conflict in the Middle East could prolong commodity price volatility, further disrupt supply chains, raise prices and tighten global financial conditions.

The report also identified trade fragmentation, possible corrections in technology-driven market expectations and eroded policy buffers as additional downside risks.

On the upside, the IMF said faster-than-expected normalisation in energy markets, stronger technology investment, renewed international cooperation to reduce trade barriers and structural reforms could improve medium-term growth prospects.

It urged policymakers to maintain price stability, supported by clear communication, central bank independence and strong financial supervision.

It also recommended rebuilding fiscal buffers while limiting fiscal support to temporary and targeted measures that preserve market price signals.