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NDIC Pays N 2 billion to Compensate 71,000 MFB Depositors

By on April 2, 2012

The Nigerian Deposit Insurance Corporation (NDIC) has concluded plans to disburse N 2 billion to 71,000 depositors in over 103 failed microfinance banks across the country.

Alhaji Umaru Ibrahim, Managing Director of NDIC, disclosed this over the weekend at the 23rd Enugu International Trade Fair.

The MD, NDIC, represented by Gidado Sambo said the corporation would transfer the payments to the depositors via selected banks in the country. The banks were identified as Wema, UBA, Zenith, Union Bank, Mainstreet Bank, Unity Bank, Access Bank and First Bank.

Ibrahim also disclosed that the corporation had resolved to increase the deposit insurance coverage levels to N 500,000 and N 200,000 from N 200,000 and N 100,000 for deposit money banks and micro finance institutions respectively.

Also the NDIC disclosed it would soon develop a customer friendly website and toll free 24-hour help desk in order to enhance public awareness and service delivery.