NDIC reimburses Heritage Bank customers with less than N5m deposits

3 months ago 45

The Nigeria Deposit Insurance Corporation (NDIC) said it has reimbursed 82.36 per cent of the customers of the defunct Heritage Bank with deposits below the N5 million maximum insured deposit.

Disclosing this in a statement yesterday, Director, Communications and Public Affairs, NDIC, Bashir Nuhu, said this was achieved through the use of BVN-linked alternate accounts of customers of the defunct bank.

He said: “The Corporation began the payment of the insured deposits of N5 million maximum per depositor within a record time of four days of the bank closure. This was achieved using Bank Verification Numbers (BVN) as a unique identifier to locate depositors’ alternate accounts in other banks.”

However, depositors with balances exceeding N5 million have been paid the initial insured sum of N5 million, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realisation of the defunct bank’s assets and recovery of debts owed to the defunct bank

“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms, marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36 per cent of the total insured deposit to date.

“The remaining 17.64 per cent of the insured deposits yet to be paid were largely depositors whose accounts have post no debits (PND) instructions or have no BVN. Others are those with no alternative accounts in other banks or accounts with KYC limit on the maximum lodgment per day and are yet to come forward for verification.

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The Nigeria Deposit Insurance Corporation (NDIC) said it has reimbursed 82.36 per cent of the customers of the defunct Heritage Bank with deposits below the N5 million maximum insured deposit. Disclosing this in a statement yesterday, Director, Communications and Public Affairs, NDIC, Bashir Nuhu, said this was achieved through the use of BVN-linked…

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