The Nigeria Deposit Insurance Corporation (NDIC) has taken swift action to compensate customers affected by the revocation of licenses from 183 microfinance banks (MFBs) and four primary mortgage banks (PMBs), disbursing over N1.7 billion towards this cause.

Speaking at the 2023 NDIC Editors’ Forum in Lagos, Mr. Bello Hassan, the Managing Director/Chief Executive Officer of NDIC, disclosed the institution’s proactive response to the situation. Emphasizing the urgency of the matter, Hassan urged affected depositors to step forward for verification in order to procure the insured amounts owed to them.

“Earlier this year, the Central Bank of Nigeria rescinded the licenses of 183 institutions, including Microfinance and Primary Mortgage Banks,” Hassan stated. “In response, we promptly issued notifications to impacted depositors, specifying the necessary documentation required for verification and subsequent payment of the insured sums.”

Hassan went on to highlight the significant progress made, declaring, “In terms of the insured amount, we have disbursed in excess of 1.7 billion to over 22,000 customers. Additionally, we are urging those customers without a Bank Verification Number linked to their accounts to come forward for verification, enabling us to facilitate the disbursement of the insured amount owed to them. This process is ongoing, and I take this opportunity to appeal to these depositors to present themselves for verification and subsequent disbursement.”

The NDIC’s commitment to swiftly handling the ramifications of financial institution license revocations sends a reassuring message to affected depositors, underscoring the importance of safeguarding their interests during such challenging times.