NDIC sets aside ₦16b for failed MFB customers

The Nigeria Deposit Insurance Corporation (NDIC) said it has set aside ₦16 billion to augment payment to depositors of the 103 failed Microfinance Banks (MFBs).

The move follows the liquidity problems being faced by some of the MFBs, which has made it difficult for them to contribute their insurance premium.

The premium, if fully paid by the MFBs, would have helped the corporation pay depositors in case of distress of the institutions.

So far, about ₦4.5 billion had been paid on insured deposit liabilities.

The Managing Director, NDIC, Alhaji Umaru Ibrahim, disclosed these during a workshop for operators of MFBs in Abuja.