The Nigeria Deposit Insurance Commission (NDIC) has commenced the payment process for depositors in 179 microfinance banks and four primary mortgage banks across the country. Depositers affected by the liquidation are urged to provide alternate bank accounts for their payments, with the option to download an online verification form from the commission's website. Depositers with deposits exceeding N250,000 will have their claims settled through the sale of assets from the banks. The Managing Director of the NDIC, Bello Hassan, assured the public of the safety of financial institutions during the payment process.
The Nigeria Deposit Insurance Commission (NDIC) has announced the commencement of payment to depositors in 179 microfinance banks (MFBs) and four primary mortgage banks (PMBs) across the country. This move aims to alleviate the plight of depositors who were affected by the liquidation of these financial institutions.
In a statement released on the NDIC's website, the commission urged affected depositors to provide alternate bank accounts in commercial banks for the purpose of receiving their payments. Depositors who do not possess alternate bank accounts were urged to take necessary steps to open one. To facilitate the verification process, depositors who are yet to be verified were directed to visit the claims page on the commission's website and download the online verification form.
However, it is crucial to note that the NDIC does not provide insurance cover for depositors in MFBs and PMBs with deposits exceeding N250,000. In such cases, the commission has initiated the sale of assets from these banks to compensate the affected depositors.
During a capacity building workshop organized by the senior management of the NDIC, the managing director, Bello Hassan, assured the public that the commission would not compromise on its standards as it embarks on the payment process. He emphasized that the safety of financial institutions should not raise concerns, as the NDIC is committed to ensuring their stability.
This development by the NDIC signifies a positive step towards addressing the challenges faced by depositors in microfinance and mortgage banks. By initiating the payment process, the commission is demonstrating its commitment to upholding the integrity of the banking sector and safeguarding the interests of depositors.
It is essential for affected depositors to promptly provide their alternate bank account details as requested by the NDIC. This will ensure a smooth and efficient payment process, enabling depositors to access their funds without undue delay.
In conclusion, the NDIC's commencement of payment to depositors in liquidated MFBs and PMBs is a significant milestone towards restoring confidence in the banking sector. By prioritizing the compensation of affected depositors, the commission is reinforcing its commitment to the stability and resilience of financial institutions in Nigeria.
Source of content: OOO News 2023-08-06 News
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