Banking Sector
Amid Cash Scarcity, NDIC Assures Safety of Depositors’ Funds
Despite the uncertainty surrounding the scarcity of the Nigerian Naira, the Nigeria Deposit Insurance Corporation (NDIC) has assured the Central Bank of Nigeria (CBN) that depositors funds are safe as currency swap has nothing to do with people’s monies in banks.
Mallam Bello Hassan, the Managing Director of NDIC, represented by the Manager, Communications and Public Unit of the Corporation, Tanko Yahaya, gave the assurance during the NDIC Special Day at the 44th Kaduna International Trade Fair which was held in the state capital.
He urged depositors not to panic over the new CBN monetary policy on concerns of the safety of their funds in any commercial bank in the country.
Urging Nigerians to appreciate the fact that policy comes with challenges, he assured that things will return to normalcy within a few days as there’s a monitoring committee now on it.
Hassan also called on the depositors and creditors of 20 closed microfinance, primary mortgage, and deposit money banks, to come for verification and payment of the excess of their guaranteed sums.
He noted that affected deposit money banks, primary mortgage banks, the payment service banks, and mobile money operators were all insured up to N500,000 per depositor per bank, while those of microfinance banks were insured up to N200,000 per depositor per bank.
Hassan said, “I call on depositors, creditors and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the Corporation to claim their funds.
he also said that the corporation has won the court case against the shareholders of the defunct Fortune Bank International.
He said, “We are happy to notify the general public that the Corporation has won the court case versus shareholders of the defunct Fortune Bank International, hence all depositors of the defunct bank can now visit our offices across the country to file their claims for the purpose of reimbursement of their trapped deposits in the bank or use the other channels.”