The Nigeria Deposit Insurance Corporation (NDIC) has announced that discrepancies in Bank Verification Numbers (BVN) are hindering payments to some customers of the defunct Heritage Bank. According to NDIC’s Managing Director, Bello Hassan, the corporation has disbursed a significant amount to depositors without BVN-related issues. However, some customers are yet to receive their insured deposit credit alerts due to BVN discrepancies.
Hassan urged affected depositors to visit the NDIC website and complete their verification forms for payment. The verification process will also cater to depositors without BVN-linked alternate accounts. The NDIC has commenced payment since June 6, leveraging BVN to trace alternate accounts and pay insured amounts. However, some challenges persist due to name discrepancies and other issues.
Depositors with over N5 million in the bank will receive liquidation dividends as the NDIC sells physical assets and recovers loans and advances made by the bank. The NDIC will advertise liquidation dividends as recoveries are made, and concerned depositors will receive alerts in their accounts.
This development follows the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license on June 3 due to the bank’s inability to improve its financial performance, posing a threat to financial stability. The NDIC has assured prompt verification and payment to Heritage Bank depositors.
Bottom Line
The NDIC is working to resolve BVN discrepancies to facilitate payments to Heritage Bank customers. Depositors are advised to complete verification forms, and those with over N5 million will receive liquidation dividends as recoveries are made.
The NDIC ensures prompt payment to mitigate the impact of the bank’s license revocation on depositors.
