NDIC pays N1.7bn to 22,000 customers of closed banks

The Nigeria Deposit Insurance Corporation (NDIC), has said it has disbursed an insured sum of over N1.7bn to over 22,000 bank customers, sequel to the canceling of licenses of some Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs).

Managing Director and Chief Executive Officer, NDIC, Mr Bello Hassan, disclosed this on Saturday at the 2023 NDIC Editors Forum in Lagos.

At the meeting themed, ‘Stocktaking of deposit insurance practice: Assessing the past, evaluating the present and forecasting the future’, Hassan noted that, “Recall earlier this year the Central Bank of Nigeria revoked the licenses of 183 institutions, comprising Microfinance Banks and Primary Mortgage Banks.

“And we quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.

“So, in terms of insured amount, we have paid more than N1.7bn to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.

“We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.

“It complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system as well as support the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development,” he added.

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