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.
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.
