Bank customers have praised the Nigeria Deposit Insurance Corporation for moving quickly after the Central Bank of Nigeria revoked the licences of 46 microfinance banks across the country.
The customers, who spoke in Abuja on Friday, said NDIC’s immediate liquidation action was encouraging but urged the corporation to make the process simple, fast and accessible to all affected depositors.
The Central Bank of Nigeria had withdrawn the operating licences of the 46 microfinance banks after they failed to meet regulatory conditions required to continue banking operations.
Following the decision, NDIC began steps to liquidate the affected banks and settle eligible depositors under the deposit insurance framework.
One of the customers, Mr Tola Balogun, commended NDIC for its prompt response to failed bank cases.
Balogun said a relative of his had an account with one of the affected microfinance banks and was now hoping for a quick settlement of insured deposits.
He appealed to NDIC to apply the same speed it had shown in previous bank liquidation exercises to the payment of depositors of the failed microfinance banks.
Mazi Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria, also called for a customer-friendly verification process.
Unegbu said NDIC should consider the locations of depositors when setting up verification and claims centres.
According to him, many customers may find it difficult or expensive to travel to state capitals for documentation and verification.
He urged the corporation to use the branches of the closed microfinance banks as verification centres where possible, so that depositors can be captured closer to their communities.
Unegbu said keeping verification points near affected customers would reduce stress, improve access and speed up the payment process.
Another customer, Mrs Betty Igodu, called on NDIC to intensify public awareness about the liquidation and claims process.
Igodu said some depositors of the failed microfinance banks may not yet know that their banks’ licences have been revoked.
She urged NDIC to communicate in local languages and through channels that can reach rural and low-income depositors.
According to her, some affected customers may not have alternative bank accounts or Bank Verification Numbers, making it important for NDIC to provide clear guidance.
She appealed to the corporation to create a special arrangement for vulnerable depositors who may face difficulty accessing payment through normal banking channels.
Miss Queen Ebong also commended NDIC for the quick payment of depositors of the defunct Heritage Bank.
Ebong said the corporation should use the same level of urgency in handling customers of the 46 failed microfinance banks.
She said prompt payment would help restore confidence in the financial system and reduce anxiety among affected depositors.
The customers said NDIC’s role was critical in protecting small savers, especially those who rely on microfinance banks for personal savings, small business transactions and community-level banking services.
They urged the corporation to ensure transparency, timely communication and fair treatment throughout the liquidation process.
The revocation of the 46 microfinance bank licences has again placed attention on regulatory compliance, depositor protection and the stability of Nigeria’s microfinance banking sector.
