Central Bank of Nigeria (CBN) Revocation of Heritage Bank’s Licence And Nigeria Deposit Insurance Corporation (NDIC) Circular On Payment of Depositors’ Funds

What it means

The NDIC is responsible for insuring deposits in Deposit Money Banks (DMBs), such as the Bank. It provides insurance coverage for DMBs up to N5,000,000.00 (Five Million Naira) (the “Insured Sum”).

Pursuant to the NDIC press release, depositors with alternate bank accounts will be paid up to the Insured Sum upon providing their Bank Verification Number (BVN). However, depositors without alternate bank accounts must either visit the nearest branch of the Bank with proof of account ownership, valid means of identification, and their alternate bank account and BVN or file an online claim on the NDIC website, uploading the necessary documents.