NDIC pays N2.9 billion to 81,328 failed MfBs depositors

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The Nigerian Deposit Insurance Corporation (NDIC) said it has paid N2.9 billion to 81,328 insured depositors of failed Microfinance Banks (MfBs) across the country as at December last year.

It said a total of 187 MfBs whose licenses were withdrawn by Central Bank of Nigeria (CBN) were closed down within the same financial year.

NDIC Managing Director, Umaru Ibrahim, who spoke in Benin City at the LAPO Institute second annual conference on Microfinance and Enterprise Development, said 958 microfinance banks had been licensed by the CBN as at June 30 this year since the evolution of microfinance banking sub- sector in the 90s.

Represented by the Director Special Insured Institutions, Mr Etopidiok Joshua James, the NDIC chief noted that the microfinance sub-sector held the potential for achieving its public policy objectives of poverty alleviation, financial inclusion, financial literacy, economic empowerment and economic development.

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