Yes. The NDIC Act 2023 empowers the Corporation under sections 49 - 50 to provide financial and technical assistance to eligible insured financial institutions in the interest of depositors, in case of imminent or actual financial difficulties ...
The NDIC could pay depositors of a failed insured institution either by transfer to a financial institution with instructions to effect payments to depositors on its behalf, or directly by means of issuing cheques up to the insured limit which will ...
Insured sums are collected by depositors on filing their claims through the completion of relevant forms provided by the NDIC. In addition, they have to furnish the NDIC with account documents such as unused cheque books, old cheque stubs, passbooks, ...
Insured institutions are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN) such as:- a. Banks (Commercial and Merchant); b. Microfinance Banks (MFBs); c. Primary Mortgage Banks (PMBs); d. Payment Service Banks ...
The client of the defunct bank should contact the acquiring bank. In case of unresolved claims, contact NDIC through any of the channels provided in the answer to Question 65.