NDIC Adopts New Payment Gateway to Pay Heritage Bank Depositors, List Steps to Claim Trapped Funds

• The Nigeria Deposit Insurance Corporation (NDIC) says it has adopted a new payment platform for depositors of Heritage Bank
• The agency cited hitches in Remita for the switch, saying Remita has a lot of limitations
• NDIC disclosed that it now uses the Nigeria Inter-Bank Settlement System to pay verified depositors

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigeria Deposit Insurance Corporation (NDIC) has adopted the Nigeria Inter-Bank Settlement System (NIBBS) to pay depositors of the failed Heritage Bank, citing limitations in Remita.

NDIC’s Deputy Director, Pamela Roberts, disclosed this at a workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Lagos.

Remita’s restrictions cause a switch

She explained that while the agency relied on Remita for payments since 2023, the company presented challenges, especially in handling large payments.

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According to Roberts, the agency used Remita to effect payments from 2013, with few limitations regarding payment uploading.

She noted that Remita’s strict verification process led to payout delays, requiring manual processing.

According to reports, despite the transition to NIBBS, the NDIC encountered some other challenges regarding the Bank Verification Number (BVN) system.

She disclosed that not all depositors were captured in the NIBBS data, which is strict for auto payments.

She disclosed that some payments were delayed due to legal restrictions such as post-no-debit (PND) status on some accounts, which resulted from court rulings.

Legit.ng earlier reported that NDIC had successfully paid 84.98% of depositors from Heritage Bank whose accounts were linked to BVN.

NDIC explains the delay in paying Heritage Bank customers

Legit.ng earlier reported that the NDIC has disclosed that account name differences in Bank Verification Numbers (BVN) linked to the alternative bank accounts of some Heritage Bank customers are delaying payment of their insured deposits.

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The managing director of NDIC, Hassan Bello, disclosed this in an interview with the News Agency of Nigeria (NAN).

The NDIC boss said the corporation had paid a substantial amount to depositors of the failed bank without BVN issues.

Source: Legit.ng