EletiofeNDIC To Liquidate 179 Microfinance Banks Revoked by CBN

NDIC To Liquidate 179 Microfinance Banks Revoked by CBN

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179 microfinance banks whose licenses were revoked by the Central Bank of Nigeria, CBN, will be liquidated by the Nigeria Deposit Insurance Corporation, NDIC.

Recall that the apex bank had early this week revoked the licences of 179 microfinance banks in the country, as well as four primary mortgage banks and three finance companies.

The Coordinator of NDIC Kano zonal office, Shehu Usman, made the disclosure at a lecture organised by the corporation to commemorate the 2023 Financial Literacy Day held at Rumfa College in Kano on Thursday.

He said the apex bank had since forwarded the list of the affected banks and those of the four primary mortgage banks and three finance companies to the corporation for final liquidation.

He noted that the responsibility of the corporation is to ensure the protection and guarantee of the financial disposition of Nigerians adding that is the reason they are cooperating with the CBN to achieve such missions.

He used the occasion to warn bank customers against depositing or lodging their money in any bank that does not have the sticker of the corporation.

“I want to use this opportunity to warn bank customers to desist from keeping their money in any bank but only those institutions that are insured”.

On Financial Literacy Day for the students, the NDIC zonal coordinator said it has become necessary for the students to be aware of financial transactions and how to go about them.

Shehu explained that through the literacy day, they are teaching students how to operate accounts, including business transaction accounts, so they know how to invest their money or save it.

In her presentation at the occasion, an official in the NDIC Kano zonal office, Ms. Khadija Masanawa, said the rationale behind the establishment of the NDIC was to avoid the repeat of the bitter experiences of bank failures in the late 1940s and early 1950s, when there was no formal mechanism for protecting depositors.

She explained that the corporation had provided deposit guarantees to a total of 984 CBN-licensed banks across the country.

In his remarks, the Principal of the College, Safiyanu Na’abba, commended the corporation for organising the programme, which he said had enlightened both staff and students of the school on the operations of the corporation.

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