The collapse of the Bank of Nauru in 2006 has motivated the government to help out those who lost money.
The promise to provide $US678,506 comes on the eve of the country's election.
Nauruans select a new parliament from 60 candidates standing for 19 seats on Saturday.
President Baron Waqa said the continued growth of the economy allowed the government to provide payments of up to US$6700 dollars for 734 Nauruans.
But most payouts will be between US$542 and US$1696.
The government said it had been prioritising those left in the most vulnerable situations by the collapse 13 years ago - people like widows, the disabled and seniors.