NDIC Guarantees Depositors Of Defuct 132 Microfinance Banks To Get Their Money Back
"You'll get your money..."
The federal government has provided depositors of the 132 microfinance banks that had their licenses recently canceled with a new update.
Recall that on Tuesday, the Central Bank of Nigeria, citing failure to comply with statutory requirements, withdrew the licenses of 132 microfinance banks, four mai mortgages, and three finance companies.
The Nigeria Deposit Insurance Corporation, or NDIC, advised depositors of the impacted banks to maintain their composure because payment of their insured funds will be paid swiftly in light of the license revocation.
Recently, Hassan Bello, the managing director of NDIC, assured the public of this.
He stated that the locations of the closed institutions would be used to conduct depositor verification.
Bello emphasized that the effort to recoup unpaid debts will also start immediately, along with the auction of the liquidated banks' assets.
Hassan said, "As deposit insurer, the NDIC would begin the payment process of the insured sums immediately by verifying eligible depositors at the respective premises of the closed banks".
He added that "the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.
"We've put machinery in place to commence sales of assets of the defunct banks as well as recover debts owed to them to declare liquidation dividends on a pro-rata basis to the affected depositors with claims exceeding the maximum insured sums of N200,000.00 for MFBS and N500,000.00 for PMBS."
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