The Nigeria Deposit Insurance Corporation (NDIC) has said it has commenced payments of trapped deposits to creditors and stakeholders.
This was even as it said depositors of such trapped funds in failed banks can start accessing their funds.
NDIC said depositors can either access their funds by coming physically for verification or they can do it online.
Speaking at the corporation’s special day at the ongoing 43rd edition of the Kaduna International Trade fair, the Managing Director of NDIC, Bello Hassan remarked that, ‘NDIC has remained a consistent participant in the annual Kaduna International Trade Fair to sensitize the banking and general public about the existence of the deposit insurance system and the benefits of protection it offers them.
Represented by the Director of communication and Public Affairs, Bello Nuhu, he said, ‘This is fundamental to us because the populace confidence in the financial system can only be guaranteed when they are aware that their deposits are protected and that in the unlikely event of failure, there is an agency of government that would have their back.
“The corporation provides deposit insurance cover to Microfinance Banks (MFBs), Deposit Money Banks (DMBs), Non-Interest Banks (NIBs), Primary Mortgage Banks (PMBs), subscribers of Mobile Money Operators (MMOs) and also to the recently licensed Payment Service Banks (PSBs).
“Presently each depositor of DMBs, NIBs, PMBs and subscribers of MMOs are insured up to the maximum limit of N500,000.00 per bank in the event of failure; while the maximum insured coverage for depositors of MFBs is N200,000.00 per bank.
To this end, he noted that the Corporation has since commenced payment of liquidation dividends to creditors and shareholders of some of the banks.
“This is to say that the depositors can access their full payment whenever they file their claims.
To this end, ‘I will like to call on depositors of banks in-liquidation to avail themselves of the Corporation’s physical and online platforms for claiming their trapped deposits.
“The online claim verification platform has been incorporated into the Claim Page on our website (www.ndic.gov.ng) to facilitate the processing of claims from the comfort of depositors’ houses and offices.
“This is also available to creditors and shareholders of closed banks. On a final note, he declared.
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