Depositors Of Liquidated Banks Receive Payments

Depositors Of Liquidated Banks Receive Payments
Hauwa Noroh Ali, Bauchi

The Nigerian Deposit Insurance Corporation (NDIC) says it has commenced payment to depositors of the 103 microfinance banks which had their licences revoked recently by the Central Bank of Nigeria (CBN) .

The Acting Managing Director of the NDIC, Alhaji Umaru Ibrahim said at a workshop in Bauchi Northern Nigeria, that the agency had completed the process of and commenced payments to depositors of 80 out of the 103 banks.

He said compilation of information for the remaining 23 microfinance banks is being done to begin payment as soon as documentation is completed.

He said that the NDIC in collaboration with the CBN are committed to strengthening m icrofinance banks through enhanced regulation and supervision as well as by providing necessary incentives to encourage self-regulation through the National Association of Microfinance Banks in Nigeria .

Alhaji Umaru said that the agency had also embarked on some proactive measures to extend deposit insurance to non-interest (Islamic) banks due to be introduced in the country.

He said the Corporation would under study the Malaysia Deposit Insurance Corporation and the Bank Negara Malaysia, the apex banking institution in charge of the development and supervision of Islamic banks in Malaysia for a better knowledge of the modes of operation.

Yinka