Nigeria, July 2 -- The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of paying insured deposits to customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN).

In a statement issued on Wednesday by the Head of Communication and Public Affairs Department, Hawwau Gambo, the corporation said it had been appointed the official liquidator of the failed banks following the CBN's revocation of their licences, which took effect on 1 July.

The NDIC said its appointment was in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.

The corporation said the affected banks have ceased to operate as licensed financia...