Respite is on the way for Depositors of failed 103 Micro-Finance Banks (MFBs), as the Nigeria Deposit Insurance Corporation has set aside N16billion for settling their liabilities.
Managing Director, NDIC, Mr. Umaru Ibrahim said that of that amount, only N2.5billion have so far been paid to insured depositors.
Mr. Ibrahim who disclosed this in Abuja said that the Corporation would not have been able to fulfill its mandate if it solely depende on the N1.6billion it collected premium from MFBs.
The NDIC MD therefore urged MFBs to improve on the 'renditon of their returns' to the Corporation.
Mr. Ibrahim also disclosed that it was prepared to help out MFBs that were facing genuine liquidity issues.
According to the NDIC boss, this would come in the form of financial assistance that would attract minimal interest.
"we need to extend helping hand by way of financial assistance to deserving MFBs especially those having liquidity problems."
He noted that for MFBs to access these financial assistance, they are expected to have passed the mandatory NDIC scrutiny.
Mr. Ibrahim pointed out that those that have not been paying their premium and those who have given unsecured loans to friends and relatives would not qualify for the loan.
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