NDIC announces N1.7 billion payout to customers of revoked financial institutions

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed a disbursement of over N1.7 billion to customers affected by the revocation of licenses from microfinance banks (MFBs) and four primary mortgage banks (PMBs). Mr. Bello Hassan, the Managing Director/Chief Executive Officer of NDIC, shared this information during the 2023 NDIC Editors’ Forum held in Lagos on Saturday.

Earlier this year, the Central Bank of Nigeria took action to revoke the licenses of 183 institutions, including Microfinance and Primary Mortgage Banks. Hassan outlined the swift response from NDIC, stating, “We quickly advertised and told affected depositors to get the required documents and come forward for verification to pay them the insured amount.”

Highlighting the successful payout process, Hassan revealed, “In terms of insured amount, we have paid more than 1.7 billion to more than 22,000 customers.” He urged customers who did not have a Bank Verification Number (BVN) attached to their accounts to step forward for verification to ensure a seamless disbursement of their claims.

Emphasizing the ongoing effort, Hassan appealed to depositors, stating, “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.” The NDIC remains dedicated to resolving outstanding claims and providing financial relief to affected customers.