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NDIC begins paying insured deposits to customers of 46 revoked microfinance banksEligible depositors receive maximum insured amount of N2 million directly via BVNsCBN revoked licenses to protect depositors and ensure banking stability amid regulatory non-compliance
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of insured deposits to customers of the 46 microfinance banks whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).
The NDIC Managing Director and Chief Executive, Mr Thompson Sunday, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on the sidelines of the International Association of Deposit Insurers Africa Regional Committee meeting.
NDIC begins crediting the accounts of customers of 46 failed banks. Credit: NDICSource: Original
He assured depositors that the corporation had already begun reimbursing eligible customers through an automated payment process
