Thanks to deposit insurance, over 400,000 customers of failed banks have received a refund of their money.

The Managing Director, Nigerian Deposit Insurance Corporation, Mr Umaru Ibrahim, says the agency had paid a total of 105 billion Naira to 442,615 depositors of closed Deposit Money Banks as of end of September 2017.

Similarly, the corporation paid a cumulative sum of 2.88 billion Naira to 525,009 depositors of closed microfinance banks as well as 60 million Naira to 756 depositors of closed Primary Mortgage Banks.

Ibrahim, who made the disclosure at the NDIC Special Day at the ongoing 38th Kano International Trade Fair in Kano, urged depositors of any closed bank, who had yet to claim their trapped funds to file their claims.

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"It is equally important to draw the attention of members of the public to take advantage of the numerous incentives available to save and have financial services.

"Depositors are also guaranteed by the NDIC in the event of bank failure up to a minimum if 500,000 Naira for commercial, merchant/mortgage banks/mobile banking subscribers, and 200,000 Naira in a microfinance bank," Ibrahim said.

He, however, stressed the need for depositors to patronise only financial institutions licensed by the Central Bank of Nigeria and which display the NDIC sticker, ‘Insured by NDIC’, in their banking halls and entrances, so as to avoid dubious fund managers, otherwise known as ‘wonder banks’.

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