The Nigeria Deposit Insurance Corporation (NDIC) has explained why some customers of the now-defunct Heritage Bank have not received their insured deposits.
According to the NDIC, issues such as mismatched account details, missing Bank Verification Numbers (BVN), and other database inconsistencies are responsible for the delays.
During the 2024 NDIC Editors Forum held in Lagos, the Managing Director of NDIC, Mr. Bello Hassan, highlighted the ongoing efforts to resolve these issues and ensure all eligible depositors are paid.
He said: “I wish to reiterate that the Corporation is not unaware of the case of some depositors who are yet to access their guaranteed sums.
“This development is a result of reasons ranging from reconciling inconsistencies in the defunct bank’s depositor’s database to the absence of Bank Verification Numbers (BVN), placement of restrictions on some accounts and in some cases name mismatch.
“The Corporation is therefore working assiduously to resolve these challenges to ensure that depositors are promptly paid. I would like to seize this opportunity to emphasise the importance for depositors to ensure strict compliance with all Know Your Customer (KYC) regulations as prescribed by the CBN.
“This will not only promote hitch-free transactions with their banks, but it will also go a long way in ensuring prompt reimbursement in the event of bank closure.
Speaking further, Hassan said: “Having largely reimbursed depositors their insured deposits, the Corporation is committed to ensuring that depositors with balances exceeding N5 million are also paid the balance of their deposits. These uninsured deposits represent a significant portion of the total deposits in Heritage Bank.
