The Nigerian Deposit Insurance Corporation (NDIC) said that the challenges with Heritage Bank’s corporate customers’ Bank Verification Numbers (BVN) are the reason for delays in refunding customers one month after the Central Bank of Nigeria (CBN) revoked the bank’s license.
TimesNow.com.ng reported that the CBN revoked Heritage Bank’s license on June 3, citing the bank’s inability to meet financial regulatory requirements.
This move left thousands of customers in financial limbo as they awaited clarity on the status of their deposits.
Speaking at the maiden annual conference of the Association of Capital Market Academics of Nigeria (ACMAN) in Abuja, Hassan Bello, NDIC Managing Director, acknowledged that while insured amounts for depositors had begun to be paid out, corporate customers faced hurdles due to BVN discrepancies.
Bello stated:
He explained that BVNs tied to directors often led to mismatches during account searches, complicating the verification process for refunding corporate deposits.
Bello urged affected corporate clients to visit NDIC offices nationwide or access the corporation’s website to complete verification forms promptly.
He added:
Earlier, TimesNow.com.ng also reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.
The debit is for old foreign currency transactions carried out between 2021 and 2023 by customers and will be remitted to the government.
Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.
In a notice titled ‘Important Notice: Electronic Money Transfer Levy Deductions Begin on Foreign Currency Transactions,’ the First Bank of Nigeria announced that deductions would start promptly and be forwarded to the FIRS.
Source: TimesNow.com.ng
