NDIC Repays Depositors of 179 Closed Microfinance and Mortgage Banks

Taiwo Ajayi
2 Min Read

The Nigeria Insurance Corporation (NDIC) has announced the successful reimbursement of deposits from 179 microfinance banks and four primary mortgage banks across the country.

This update was shared by Dr. Bello Hassan, the Managing Director of the NDIC, during the NDIC Special Day at the ongoing 45th Kaduna International Trade Fair.

Dr. Hassan, represented by the NDIC’s Deputy Director of Communication, Hauwa Gambo, reiterated the corporation’s commitment to safeguarding the funds of Nigerian depositors, particularly in distressed licensed banks.

He emphasized the implementation of the Single Customer View framework to expedite payments to depositors of closed banks, ensuring timely reimbursements.

Furthermore, Dr. Hassan highlighted the NDIC’s collaboration with the judiciary for the swift prosecution of failed insured banks, resulting in the resolution of long-standing cases such as the liquidation of Fortune and Triumph Banks.

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He noted the significant improvement in debt recovery rates, leading to the declaration of 100% liquidation dividends to uninsured depositors of over 20 banks in liquidation.

The NDIC boss also outlined the corporation’s efforts in deploying digital remote payment strategies to facilitate electronic fund transfers to verified depositors’ alternate bank accounts. Additionally, initiatives like the ‘Deposit Tracer,’ launched in partnership with Mobile Operators, aim to address apathy among depositors with small balances, allowing them to access their funds through mobile accounts.

Dr. Hassan encouraged depositors of banks in liquidation to take advantage of these initiatives to claim their funds while assuring them of the NDIC’s unwavering commitment to protecting Nigerian depositors’ interests.

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