The Nigeria Deposit Insurance Corporation, NDIC, has commenced the payment of insured deposits to customers of 46 failed microfinance banks whose operating licences were revoked by the Central Bank of Nigeria.
Managing Director and Chief Executive Officer of the NDIC, Thompson Sunday, disclosed this on Wednesday in Lagos during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters.
Under an updated reimbursement process through a partnership with the Nigeria Inter-Bank Settlement System, depositors have been able to receive payments using their Bank Verification Number.
Sunday said 700,000 customers of Heritage Bank have already received their insured deposits.
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