The Nigeria Deposit Insurance Corporation, NDIC, has reassured Nigerians that the country’s banking system remains stable and secure.

In response to concerns over the liquidation of Heritage Bank, the corporation urged the public to carry out banking transactions without fear, emphasizing that depositors’ funds in licensed banks are well protected.

Hawwau Gambo, Acting Head of NDIC’s Communication and Public Affairs Department, reaffirmed the corporation’s commitment to safeguarding depositors’ funds. She noted that NDIC has made significant progress in reimbursing customers of Heritage Bank, with payments being processed for those within the insured limit of N5 million per depositor.

However, some depositors have experienced delays due to issues such as the absence of a Bank Verification Number  or the lack of an alternate account in another bank. The NDIC explained that having an alternate account allows it to retrieve details from the Nigeria Inter-Bank Settlement System for seamless payment processing.

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Other challenges affecting payouts include Post No Debit restrictions and Know Your Customer limitations. Some affected accounts are Tier One accounts, which have restrictions on deposit limits, while others have name mismatches requiring resolution before funds can be accessed.

To address these issues, the NDIC encouraged affected depositors to reach out for assistance. The corporation provided a dedicated email and helpline numbers for inquiries and guidance on completing the claims process. It assured the public that all efforts were being made to resolve outstanding payments as quickly as possible.

With the NDIC’s assurances, customers are urged to remain confident in the banking system. The corporation reaffirmed its mandate to protect depositors and ensure financial stability, emphasizing that Nigeria’s banks remain strong and secure.

With agency report