By Omrigbe Esther Iyiowo
The Nigeria Deposit Insurance Corporation (NDIC) reports that discrepancies in account names linked to Bank Verification Numbers (BVN) are delaying the payment of insured deposits to former Heritage Bank customers.
According to NDIC Managing Director, Mr. Bello Hassan, payments began on June 6, but issues with matching account names and BVNs have slowed the process.
“We have paid many customers already. However, some face delays due to name discrepancies in their BVN records,” Hassan said.
Customers who haven’t received their credit alerts are urged to visit the NDIC website to complete verification forms. This includes those without BVN-linked accounts.
Depositors with balances over five million naira will receive liquidation dividends. The NDIC is selling the bank’s assets and recovering loans to fund these payments.
The Central Bank of Nigeria revoked Heritage Banks license on June 3, 2024, due to financial instability. NDIC continues working to resolve issues and ensure all customers receive their insured deposits.