Defunct Microfinance Banks : NDIC Begins Payout Verification for Depositors 

Defunct Microfinance Banks : NDIC Begins Payout Verification for Depositors

The Nigeria Deposit Insurance Corporation has commenced verification of depositors following the revocation of the operating licences of 46 microfinance banks by the Central Bank of Nigeria.

The Corporation says depositors whose Bank Verification Numbers are linked to their accounts in the failed banks will receive payments through alternative accounts held with other licensed banks. Those without linked BVNs have been advised to visit the affected bank branches with proof of account ownership, a passport photograph, a valid means of identification and their BVN for verification.

The NDIC adds that claims may also be submitted online through the pre-verification claims form on its website or at any of its offices nationwide. The Corporation urged affected depositors to take advantage of the available channels and contact its help lines for further enquiries as the reimbursement process continues.