The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide by the Central Bank of Nigeria.
NDIC Managing Director and Chief Executive Oludare Sunday , disclosed this during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos, on Wednesday.
“Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts,” he said.
He said that the reimbursement process will gradually cover all eligible customers of the affected banks.
The closure followed the revocation of the banks’ operating licences by the Central Bank of Nigeria.
The CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.
