See NDIC explanation on delay in refund to Heritage Bank customers

• The NDIC has explained the delays in refunding Heritage Bank customers over one month after CBN license revocation
• NDIC Managing Director Hassan has also assured that all insured deposits up to N500,000 would be reimbursed
• The NDIC has set up dedicated help desks and online platforms for customers to get answers to questions

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigeria Deposit Insurance Corporation (NDIC) has addressed the ongoing delays in processing refunds to customers of Heritage Bank.

NDIC promises to refund Heritage Bank customers Photo credit: NDIC
Source: Facebook

Legit.ng reported that The CBN revoked Heritage Bank's license on June 14, citing the bank's inability to meet regulatory requirements and maintain adequate capital buffers.

This move left thousands of customers in financial limbo, as they awaited clarity on the status of their deposits.

NDIC sends messages to customers

In a statement issued on Friday, June 12 NDIC Managing Director Bello Hassan attributed the delays to logistical and procedural challenges faced by the corporation in handling the high volume of claims.

He said:

"We understand the frustration and inconvenience experienced by affected customers and are working tirelessly to expedite the refund process."

According to Hassan, the NDIC has been conducting a comprehensive audit of Heritage Bank's records to ensure an accurate and fair distribution of funds.

He added:

"Our primary objective is to protect depositors and ensure that all legitimate claims are settled promptly."

NDIC sets up a dedicated platform

The NDIC has set up dedicated help desks and online platforms to assist customers in verifying their claims and providing the necessary documentation.

The NDIC has urged customers to remain patient and assured them that all efforts are being made to accelerate the refund process.

UBA, others to debit customers' bank accounts

Earlier, Legit.ng also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

The debit is for old foreign currency transactions carried out between 2021 and 2023 by customers and will be remitted to the government.

Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

In a notice titled 'Important Notice: Electronic Money Transfer Levy Deductions Begin on Foreign Currency Transactions,' the First Bank of Nigeria announced that deductions would start promptly and be forwarded to the FIRS.

Source: Legit.ng