We’ve Paid N1.2Billion Deposits To Liquidated MFB, PMI – NDIC

We've Played N1.2Billion Deposits To Liquidated MFB, PMI - NDIC

The Managing Director/ Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Hassan Bello, said the Corporation has thus far paid N1.2 Billion to 189 Microfinance Banks (MFB) and the four Primary Mortgage Institutions (PMI) recently liquidated by the Central Bank of Nigeria (CBN).

Bello, who disclosed this in an interview with newsmen shortly after NDIC 2023 sensitisation seminar for Federal High Court Justice in Uyo, Akwa Ibom State, said that though the Act setting up the corporation provides that payment should be made within 30 days, the Corporation has been able to effect payment to insured depositors within seven days.

He said the Corporation was still paying but had not completed payment due to unavailability of records for some customers at BVN to identify their alternate bank accounts at other banks.

The corporation, according to Hassan, has also realized N1.6 billion to pay creditors and depositors of the 20 commercial banks liquidated, even as plans have been concluded to pay them as quickly as possible.

While calling on depositors to come forward with information that would help in the payment of the insured depositors, he expressed satisfaction that the corporation was able to achieve speedy payment within seven days .

His words, “So far, we have about N1.2 billion insured deposits to the depositors in the Microfinance Banks and Primary Mortgage Institutions (PMI).

“We are still paying but why we have not completed payment is that there are some customers that we do not have records of their BVN to identify their alternate bank accounts in other banks.

“Currently, the maximum claim for depositors of Deposit Money Banks, (DMBs) Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs) and subscribers of Mobile Money Operators (MMOs) is N500,000 per depositor, per deposit taking institution, while Micro-Finance Banks (MFBs) have a maximum coverage limit of N200, 000 per depositor, per MFB.”

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