NDIC COMMENCES PAYMENT TO DEPOSITORS OF 46 FAILED MFBS

The Nigeria Deposit Insurance Corporation (NDIC) has begun payment of insured deposits to customers of 46 failed Microfinance Banks (MFBs) across the country.

The exercise, which covers verified depositors, is part of the Corporation’s mandate to protect depositors and maintain stability in the financial system. NDIC assured that payments would be made promptly through designated channels, urging affected customers to visit the Corporation’s offices or authorised banks with necessary documentation for verification.

The failed institutions were closed following regulatory actions by the Central Bank of Nigeria due to insolvency, poor governance, and other infractions. NDIC noted that it has continued to liquidate the assets of the defunct banks to recover funds for creditors.

The Corporation advised depositors with amounts above the insured limit to await further liquidation dividends. The move is expected to restore confidence among customers of microfinance institutions and promote financial inclusion.