The Nigeria Deposit Insurance Corporation has begun paying all depositors of banks affected by the recent license revocation by the Central Bank of Nigeria (CBN).

The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent.

At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.

The Managing Director of NDIC, Bello Hassan, gave the assurance recently while speaking at a two-day capacity-building workshop organized in partnership with the Bureau of Public Procurement held at Four Points By Sheraton in Ikot Ekpene.

The NDIC boss was represented by the Executive Director of Operations, Mustapha Ibrahim. He said that the Corporation would not compromise on standards and would ensure that the public would not panic over the safety of bank deposits.

Punch reports that the NDIC MD revealed that the Corporation would continue to strengthen the financial system to support Nigeria's economic advancement and contribute meaningfully to the financial system and its stability.

According to the NDIC boss, the role of the Corporation is to continue to play a critical part in the financial safety net arrangement of Nigeria's banking system as a deposit insurer.

He said:

"Following the recent revocation of the licenses of 178 Microfinance Banks and four Primary Mortgage Banks by the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation has since commenced the liquidation exercise with the primary purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum.

The NDIC is hereby assuring depositors of the closed banks of speedy payment of their insured sums."

List Of 47 Microfinance Banks Licences Revoked – First Gazette

Evangel Microfinance Bank
Dominion Microfinance Bank
Anya Microfinance Bank
Akwengwu Microfinance Bank
Fadama Farmers Microfinance Bank
Sal-Fol Microfinance Bank
Mautech Microfinance Bank
Wase Microfinance Bank
Smartmicro Microfinance Bank
Amba Microfinance Bank
Bridge House Microfinance Bank
Money Well Microfinance Bank
Otukpo Microfinance Bank
Ologbon Microfinance Bank
Bestway Microfinance Bank
Biyama Microfinance Bank
Greenland Microfinance Bank
Fasildapo Microfinance Bank
Sunrise Microfinance Bank
Joint Farmers Microfinance Bank
Prolific Microfinance Bank
Halmond Microfinance Bank
Ajikobi Microfinance Bank
Kogi Microfinance Bank
Eyowo Microfinance Bank
Arise Microfinance Bank
Isi-Aku Microfinance Bank
Bmazazhin Microfinance Bank
Ini Microfinance Bank
Narict Microfinance Bank
Interland Microfinance Bank
Ehor Microfinance Bank
Bibajinre Microfinance Bank
Golden Funds Microfinance Bank
Gwadabawa Microfinance Bank
Iba Microfinance Bank
Edumana Microfinance Bank
West-End Microfinance Bank
Umejei Microfinance Bank
Mouau Vasmucs Microfinance Bank
Jamis Microfinance Bank
New World Microfinance Bank
Abestone Microfinance Bank
Nsehe Microfinance Bank
Osogbo Microfinance Bank
Crossover Microfinance Bank
Dangizhi Microfinance Bank
Atlas Microfinance Bank
Bluewhales Microfinance Bank
Everest Microfinance Bank
Igangan Microfinance Bank
Mainsail Microfinance Bank
Merit Microfinance Bank
Minna Microfinance Bank
Musharaka Microfinance Bank
Nopov Microfinance Bank
Ohon Microfinance Bank
Premium Microfinance Bank
Royal Microfinance Bank
Statesman Microfinance Bank
Suisse Microfinance Bank
Vibrant Microfinance Bank
Virtue Microfinance Bank
Zamare Microfinance Bank
North Capital Microfinance Bank
Chidera Microfinance Bank
Excellent Microfinance Bank
Ni’ima Microfinance Bank
Cosmopolitan Microfinance Bank
Progressive Link Microfinance Bank
Trust One (Formerly Desmonarchy) Ekuombe Microfinance Bank
First Index Microfinance Bank
Ola Microfinance Bank
Uli Microfinance Bank
Verdant Microfinance Bank
Aguleri Microfinance Bank
Limited Apeks Microfinance Bank
Limited Fahimta Microfinance Bank
Limited Manny Microfinance Bank
Limited Reality Microfinance Bank
Limited Surbpolitan Microfinance Bank
Limited Onyx Microfinance Bank
Limited Osina Microfinance Bank
Limited Olofin-Owena Microfinance Bank
Limited Zikado Microfinance Bank
Limited Prudential Co-Operative Microfinance Bank
Limited Peniel Microfinance Bank
Limited Taraba Microfinance Bank
Limited Brass Microfinance Bank
Limited Michika Microfinance Bank
Limited Ndiagu Microfinance Bank
Limited Northbridge Microfinance Bank
Limited Fct Microfinance Bank
Limited Omu-Aran Microfinance Bank
Limited Cherish Microfinance Bank
Limited Bipc Microfinance Bank
Limited Daniels Global Microfinance Bank
Limited Bancorp Microfinance Bank
Limited Manna Microfinance Bank
Limited Moneywise Microfinance Bank
Limited Mercury Microfinance Bank
Limited New Age Microfinance Bank
Limited Pearl Microfinance Bank
Limited Zawadi Microfinance Bank
Limited Seed Capital Microfinance Bank
Limited Eduek Microfinance Bank
Limited Eksu Microfinance Bank
Limited Dakingari Microfinance Bank
Limited Ogoja Microfinance Bank
Limited Nwabosi Microfinance Bank
Limited Nuture Microfinance Bank
Limited Active Point Microfinance Bank
Limited Amoye Microfinance Bank
Limited Boluwaduro Microfinance Bank
Limited Iyede Microfinance Bank
Limited Mayfair Microfinance Bank
Limited Calabar Microfinance Bank
Limited Ighomo Microfinance Bank
Limted Hackman Microfinance Bank
Limited Idese Microfinance Bank
Limited Bridgeway Microfinance Bank
Limited Grassroot Microfinance Bank
Limited Surelife Microfinance Bank
Limited Tijarah Microfinance Bank
Limited Ic-Global Microfinance Bank
Limited Ejiamatu Microfinance Bank
Limited Briyth Covenant Microfinance Bank
Limited Nanka Microfinance Bank
Limited Cub Microfinance Bank
Limited Bfl Microfinance Bank
Limited Umunne Microfinance Bank
Limited Oroke Microfinance Bank
Alkaleri Microfinance Bank
Limited Crowned Eagle Microfinance Bank
Limited Unifa Microfinance Bank
Limited Dadinkowa Microfinance Bank
Limited Ifesowapo Microfinance Bank
Limited Oaf Microfinance Bank
Limited Bama Microfinance Bank
Limited Ngala Microfinance Bank
Limited Iwoama Microfinance Bank
Limited Kada Microfinance Bank
Limited Keffi Microfinance Bank
Limited Nut-Endwell Microfinance Bank
Limited First Multiple Microfinance Bank
Limited Sbdc Microfinance Bank
Limited Oros Capital Microfinance Bank
Limited Ozizza Microfinance Bank
Limited Primera Credit Microfinance Bank
Limited Ifeanyichukwu Microfinance Bank
Limited Ihioma Microfinance Bank
Limited Josad Microfinance Bank
Limited Akpo Microfinance Bank
Limited Aiyepe Microfinance Bank
Limited Abc Microfinance Bank
Limited Star Microfinance Bank
Limited Purple Money Microfinance Bank
Limited Utuh Microfinance Bank
Limited Stallion Microfinance Bank
Limited Kjl Microfinance Bank
Limited Credit Afrique Microfinance Bank
Limited Cowries Microfinance Bank
Limited Lawebod Microfinance Bank
Limited Mabinas Microfinance Bank
Limited Business Support Microfinance Bank
Limited Ogbe-Ahiara Microfinance Bank
Limited Olofin Microfinance Bank
Limited Obosi Microfinance Bank
Limited Fiyinfolu Microfinance Bank
Limited Bishopsgate Microfinance Bank
Limited Awka Microfinance Bank
Limited Zigate Microfinance Bank
Limited Esan Microfinance Bank
Limited Enugu-Ukwu Microfinance Bank
Limited Echo Microfinance Bank
Limited Ally Microfinance Bank
Limited Network Microfinance Bank
Limited Awgbu Microfinance Bank
Limited List Of Primary Mortgage Banks
Licences Revoked Resort Savings & Loans
Safetrust Mortgage Bank
Adamawa Savings & Loans
Kogi Savings & Loans