You’ll get your money – NDIC assures depositors of defunct 132 Microfinance banks

The federal government has issued a fresh update to depositors of the recently revoked 132 microfinance banks.


Recall that the Central Bank of Nigeria, in an official Gazette on Tuesday, revoked the licenses for 132 Microfinance Banks, four primary mortgages and three finance on failure to meet statutory conditions.

Against the backdrop of the license withdrawal, the Nigeria Deposit Insurance Corporation, NDIC, said depositors of the affected banks should be calm as payment of their insured sums would be made promptly.

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Hassan Bello, the Managing Director of NDIC, gave this assurance in a statement recently.

He noted that depositors’ verification would be made at the premises of the defunct banks.

Bello stressed that sales of assets of the liquidated banks would commence immediately, and the process to recover debts owed would begin too.

Hassan said, “As deposit insurer, the NDIC would begin the payment process of the insured sums immediately by verifying eligible depositors at the respective premises of the closed banks”.

He added that “the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.

“We’ve put machinery in place to commence sales of assets of the defunct banks as well as recover debts owed to them to declare liquidation dividends on a pro-rata basis to the affected depositors with claims exceeding the maximum insured sums of N200,000.00 for MFBs and N500,000.00 for PMBs”.

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