The license of 42 microfinance banks in Nigeria has been withdrawn by the Central Bank of Nigeria effective from the 12th of November, 2020. All affected microfinance banks will be shut down.
The shutting down of these banks has led to panic and anxiety amongst many Nigerians. Despite the threat of a second wave of COVID 19, people are clamoring to urgently withdraw their deposited funds to avoid losing their money.
In a statement, the Nigeria Deposit Insurance Corporation stated that from Monday the 21st of December, 2020, the claims of depositors of the 42 shut down banks shall be verified. The NDIC assured all those with deposits in the liquidated banks, that they have begun the process of commencing a nationwide payment to insured depositors in the affected microfinance banks.
Some of the Liquidated Banks
|Hedgeworth Microfinance Bank||Utako, Abuja|
|Bagwai Microfinance Bank||Bagwai LGA, Kano|
|Future Growth Microfinance Bank||Utako, Abuja|
|Ere City Microfinance Bank||Oriade LGA, Osun State|
|Can Microfinance Bank||Garki II, Abuja|
|Partnership Microfinance Bank||Onitsha, Anambra State|
|Akcofed Microfinance Bank||Uyo, Akwa-Ibom State|
|Gufax Microfinance Bank||Uyo, Akwa Ibom State|
|ICB Microfinance Bank||Ilah, Delta State|
|Hometrust (NATIONS) Microfinance Bank||Nowhere, Imo State|
|Anima Microfinance Bank||Mbaise LGA, Imo State|
|Bigthana Microfinance Bank||Ali Akilu Road Kaduna|
|Rogo Microfinance Bank||Rogo LGA, Kano State|
|Credit Express Microfinance Bank||Kakawa Street, Lagos|
|King Solomon Microfinance Bank||Western Avenue, Iponri, Lagos|
|Wealthstream Microfinance Bank||Apapa, Lagos|
|Ghetto Microfinance Bank||Ogba/Egbema/Ndoni LGA, Rivers State|
|Riggs Microfinance Bank||Victoria Island, Lagos|
|Ringim Microfinance Bank||Ringim, Jigawa State|
Nevertheless, the NDIC promised that all insured deposits of the listed bank shall be paid. They further directed that;
“We, therefore, request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December 2020 till Thursday, 24th December 2020.”
For further assistance and clarification, eligible depositors are advised to contact the representatives of the director at the Claims Resolution Department of the NDIC in any of the centers/zonal offices in Abuja, Lagos, Enugu, Benin, Kano, Ilorin, Bauchi, Sokoto, Yola, and Port Harcourt.
The NDIC further asserted that the limited understanding and widespread misconception of the Deposit Insurance System (DIS) in Nigeria, was the major reason for the pool of unclaimed deposits following bank closures.
So if you are banking with any microfinance bank confirm if their license has been revoked.
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