NDIC Settles 700,000 Heritage Bank Customers, Begins Payment To 46 Failed MFBs’ Depositors

The Nigeria Deposit Insurance Corporation says it has paid insured deposits to about 700,000 customers of defunct Heritage Bank and started reimbursing depositors of 46 microfinance banks whose licences were revoked by the Central Bank of Nigeria. The development relates to deposit insurance, banking-sector regulation and financial stability.