NDIC Pays Depositors of Liquidated Banks Within 72 Hours Through BVN System
The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that depositors of recently liquidated banks were reimbursed within 72 hours of licence revocation, using the Bank Verification Number (BVN) system to facilitate swift payments.
Speaking at a stakeholders’ engagement in Kano, the Executive Director, Corporate Services, Emily Osuji, explained that the BVN made it possible to trace depositors’ alternative bank accounts and credit them directly without delay. She noted that this approach significantly reduced the stress and waiting time usually associated with bank failures.
According to her, customers of affected financial institutions, including Heritage Bank, Union Homes Plc and Aso Savings and Loans Plc, benefited from the prompt payout process.
Osuji urged bank customers to ensure their BVN is properly linked to their accounts, describing it as a critical requirement for seamless reimbursement in the event of any bank closure. She added that the NDIC remains committed to strengthening depositor protection and sustaining public confidence in Nigeria’s banking system.
She further emphasized continued collaboration between the NDIC and the Central Bank of Nigeria to enhance financial system stability and safeguard depositors’ funds.
