NDIC verifies depositors in 42 liquidated MFBs for payment

The Nigeria Deposit Insurance Corporation (NDIC) is in the process of closing 42 Microfinance Banks (MFBs) which operating licenses were revoked by the Central Bank of Nigeria (CBN).

The CBN was said to have revoked the operating licenses of these failed Microfinance banks on November 12, 2020.

Part of the challenges faced by the sub-sector include high level of Non-performing Loans (NPLs), and under capitalisation among others.

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Consequently, the NDIC in a notice to depositors, creditors, shareholders and the general public published on its website is calling all depositors of the affected banks for verification of their claims commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims,” the NDIC said.

Some of the failed MFBs include Hedgeworth MFB, Future Growth MFB, Bagwai MFB, Ere City MFB, and Cafon MFB among others.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.