*The Nigeria Deposit Insurance Corporation has announced it will begin claims verification of the depositors of the three failed Microfinance Banks between May 9 and May 20, 2022

Isola Moses | 绿帽献妻

The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of the process for payment of depositors in three failed Microfinance Banks (MFBs) in the country.

绿帽献妻 reports the NDIC, which made the annoucemnt via its verified Twitter account and official Web site, also advised eligible depositors to download and complete the claims form.

The Corporation noted that it would begin the claims verification of depositors of the three Microfinance Banks whose licences were withdrawn by the Central Bank of Nigeria (CBN) between May 9 and May 20, 2022.

Gufax MFB and Sapphire MFB, both in Uyo, Akwa Ibom State capital, and ICB MFB, in Asaba, Delta State, were among the banks identified by the NDIC.

Meanwhile, the Corporation has urged the affected depositors to visit the closed banks鈥� addresses and meet with the NDIC personnel in order to get their claims verified.

鈥淲e, therefore, advise that all depositors of these banks should visit the closed banks鈥� addresses and meet with NDIC officials for the verification of their claims, commencing from Monday, 9th May 2022 till Friday, 20th May, 2022,鈥� it stated.

The regulatory body also urged eligible depositors to visit to download and complete the claims form.

It stated that completed forms should be forwarded to claimscomplaints@ndic.gov.ng, along with scanned copies of supporting documentation.

The Corpiration as well noted: 鈥淣DIC, the official liquidator of the underlisted defunct Microfinance Banks (MFBs) whose licences were revoked, is in the process of paying insured depositors.

鈥淒epositors of ICB MFB should come forward for verification and payment of their insured deposits at the premises of the closed bank from May 9 to 20, 2022.鈥�

Recall the NDIC recently restated that its Deposit Insurance Scheme (DIS) does not cover insider deposits made by banks鈥� Directors and Staff.

This is to incentivise those who are affected to manage their financial institutions safely and soundly while also ensuring good corporate governance practices.

According to the Corporation, over 97 percent of depositors at Deposit Money Banks (DMBs) in Nigeria would be completely protected by the N500,000 Maximum Insured Limit.

The total number of accounts in deposit money banks in 2016, 2017, 2018, and 2019 was 83.0 million, 99.1 million, 112.0 million, and 128.4 million, respectively, with the NDIC鈥檚 N500,000 Maximum Insured Limit (MIL) fully covering 99.4%, 97.6 %, 97.5%, and 97.6% of accounts, respectively.

Moreover, as of June 30, 2021, the Nigeria Deposit Insurance Corporation had paid a total of N101.67billion in uninsured sums to depositors of failed banks in the country, according to report.

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