By: Olivia Nnorom
Shehu Usman, Coordinator, NDIC Kano zonal office, at a lecture organised by the Nigeria Deposit Insurance Corporation (NDIC) said that the corporation has planned to completely liquidate the 179 microfinance banks whose licences were recently revoked by the Central Bank of Nigeria.
Usman said this while commemorating the 2023 Financial Literacy Day held at Rumfa College in Kano on thursday.
According to him, the apex bank had since forwarded the list of the affected Microfinance banks and those of the four primary mortgage banks and three finance companies to the corporation for final liquidation.
Usman said the corporation is working with the CBN to achieve the liquidation mission because it has the responsibility to ensure the protection and guarantee of the financial disposition of Nigerians.
The NDIC Zonal boss hereby used the occasion to warn bank customers against depositing or lodging their money in any bank that does not have the sticker of the corporation.
Speaking on Financial Literacy Day for the students, he said it has become an urgent need for students to be aware of financial transactions and how to go about them.
The event, he said, will facilitate students’ enligthenment on how to operate accounts, including business transaction accounts, so they know how to invest their money or save it.
Khadija Masanawa, an official in the NDIC Kano zonal office, explained that the corporation had provided deposit guarantees to a total of 984 CBN-licensed banks across the country.
Safiyanu Na’abba, the Principal of the College, in his remarks commended the corporation for organising the programme, which he said had enlightened both staff and students of the school on the operations of the corporation.