NDIC strengthens efforts to resolve payment delays, increases deposit coverage to N5m

By Sodiq Adelakun

The Nigeria Deposit Insurance Corporation (NDIC) has ramped up efforts to resolve delays in payments to depositors of the recently closed Heritage Bank, while also announcing an increase in the insured deposit coverage to N5 million.

Speaking on Saturday at the 2024 NDIC Editors’ Forum in Lagos, Bello Hassan, the NDIC’s Managing Director and CEO, revealed that the corporation is working tirelessly to address challenges that have slowed down reimbursements to some depositors.

Hassan, who was ably represented by, executive director of operations, Mallam Mustapha Ibrahim explained stem from issues such as discrepancies in the defunct bank’s depositor database, missing Bank Verification Numbers (BVN), account restrictions, and name mismatches.

While most depositors have received their insured sums, Hassan emphasized that certain cases remain unresolved, largely due to these inconsistencies.

“We are aware of the challenges some depositors face in accessing their guaranteed sums. These issues are being worked on, and we are committed to resolving them swiftly,” Hassan assured.

The NDIC, which was appointed as the liquidator for Heritage Bank after the Central Bank of Nigeria (CBN) revoked its license on June 3, 2024, has already made significant progress in reimbursing insured deposits up to N5 million.

Meanwhile, the corporation has streamlined the reimbursement process, ensuring that most depositors with BVN-linked accounts have been paid without needing to visit NDIC offices or fill out additional forms.

“This innovative approach has allowed us to pay most depositors whose accounts are linked to their BVNs. This has made the process faster and more efficient,” he added.

Also, he urged depositors of Heritage Bank to promptly complete their Know Your Customer (KYC) requirements in order to facilitate the smooth and timely reimbursement of their insured deposits.