NDIC: Depositors of 46 Revoked MFBs Protected, Payments Ongoing
Nume Ekeghe The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare, has assured depositors of microfinance banks (MFBs) whose licences were revoked by the Central Bank
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of 46 microfinance banks (MFBs) whose licences were revoked by the Central Bank of Nigeria (CBN) that their deposits remain protected under the country’s deposit insurance framework, with payments of the guaranteed portion of their deposits ongoing. Managing Director/Chief Executive Officer of the NDIC, Mr. Thompson Oludare, stated that the corporation is still paying eligible depositors of the revoked MFBs, and the payment process is ongoing, with new beneficiaries being identified and processed.
Oludare highlighted the use of Bank Verification Numbers (BVNs) in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) to streamline the identification and payment process, eliminating the need for depositors to physically appear at the corporation for verification.
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