Nigeria Deposit Insurance Corporation (NDIC) has revealed that it paid an insured sum of over N1.7 billion to customers affected by the revocation of licenses of certain microfinance banks (MFBs) and primary mortgage banks (PMBs).
Gatekeepers News reports that the Bello Hassan, NDIC Managing Director revealed this at the 2023 NDIC editors forum on Saturday in Lagos.
Earlier this year in May, the Central Bank of Nigeria (CBN) had revoked the licenses of 183 institutions, including MFBs and PMBs.
Bello Hassan, the Managing Director of NDIC, stated that more than 22,000 customers had been compensated, and he urged depositors who have not yet claimed their deposits to come forward for verification and payment.
“Recall earlier this year the Central Bank of Nigeria revoked the licenses of 183 institutions comprising Microfinance Banks and Primary Mortgage Banks,” Hassan said.
“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 1.7 billion 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.”
He said the insured deposits represent the initial claim paid to depositors by NDIC in the event of a bank’s license revocation, with set limits of N200,000 and N500,000 per depositor per bank for the MFB and PMB sub-sectors, respectively.
Hassan said NDIC operations complement CBN efforts in maintaining a secure and stable banking system and supporting fiscal authorities in preserving stability within the broader financial system — which he said is crucial for economic growth and development.
