• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Financial Services

NDIC set to pay insured depositors of liquidated Femaz Microfinance Bank

Chidi Emenike by Chidi Emenike
October 4, 2020
in Financial Services
154 failed banks: Insurance corporation commences payment to depositors , NDIC settles over 500,000 failed banks, MFB depositors, Defunct Savannah Bank not yet liquidated – NDIC clarifies , NDIC to use AI, digital technology to tackle emerging threats to banks , NDIC extends insurance coverage to mobile money subscribers, FG moves to capture 80% of Nigerians in formal financial services sector 
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Deposit Insurance Corporation (NDIC) has informed the insured depositors of the liquidated Femaz Microfinance Bank to come forward for verification and payment from Monday, October 5 to Friday, October 9.

In a recent post by NDIC, and seen by Nairametrics, the verification and payment exercise will be conducted at Femaz Microfinance Bank’s Branch on 2 Herbert Macaulay Way, Wuse 2, Abuja.

READ: NPF Microfinance Bank: Providing ‘friendly’ financial services for almost 3 decades

RelatedStories

NDIC

NDIC begins liquidation dividend payments for Pearl Microfinance Bank depositors and shareholders 

May 31, 2025
Why do Nigerians fall for Ponzi schemes every time?

CBEX wealth chasers, NDIC, and the fate of depositors by Reuben Abati

April 29, 2025

The affected depositors are to present their cheque books, passbooks, and other proofs of account ownership, together with a valid means of identification on alternate account.

Recall that Femaz Microfinance Bank was part of the 85 microfinance banks in schedule 1 of the official gazette of the Federal Republic of Nigeria, whose license were revoked due to liquidity issues, which means insufficient assets to meet their liabilities and their capital, to risks weighted assets ratio, regulatory capital, all falling below the minimum prescribed by the Central Bank of Nigeria (CBN).

READ: CBN allows banks to pay winnings, salaries for 7 banned betting & gaming companies

Nairametrics had earlier reported that CBN increased the minimum capital and statutory requirements for microfinance banks in Nigeria. The updated regulatory guidelines now demand for a minimum capital of N200million for a unit Tier 1 microfinance bank by April 2021, with at least N100million by April 2020. In the same vein, unit Tier 2 microfinance banks are expected to upgrade to a minimum capital requirement of N50 million within the period under review, but expected to have been operating under a minimum capital of N35 million by April 2020.

READ: De facto Government: CBN explains why it will keep funding the economy

In light of the regulatory reforms pursued by CBN, aimed at ensuring a stable and more liquid financial system, Femaz Microfinance Bank which was registered with CBN on 6th of February, 2015, got blacklisted on September 26, 2018 after falling to satisfy regulatory requirements.


Follow us for Breaking News and Market Intelligence.
Tags: Femaz Microfinance BankNDICNigerian Deposit Insurance Corporation
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

Related Posts

NDIC
Financial Services

NDIC begins liquidation dividend payments for Pearl Microfinance Bank depositors and shareholders 

May 31, 2025
Why do Nigerians fall for Ponzi schemes every time?
Op-Eds

CBEX wealth chasers, NDIC, and the fate of depositors by Reuben Abati

April 29, 2025
NDIC goes after debtors of Heritage Bank, vows to pay uninsured depositors, creditors 
Financial Services

NDIC begins N46.6 billion liquidation dividend payments to defunct Heritage Bank depositors 

April 27, 2025
NDIC goes after debtors of Heritage Bank, vows to pay uninsured depositors, creditors 
Financial Services

NDIC to pay first tranche of Heritage Bank liquidation dividends in April 2025 

March 30, 2025
NDIC
Financial Services

NDIC urges Nigerian financial institutions to deploy AI for fraud detection

December 1, 2024
Multichoice, FCCPC
Business News

Multichoice Group writes off N31.6 billion in Nigeria’s liquidated Heritage Bank 

November 14, 2024
Next Post
CAC, Corporate Affairs Commission selects NIPOST as official courier partner

CAC to register companies within 48 hours, approve business name same day

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Aradel Holdings Plc wins “Best Equity Deal in EMEA” at EMEA Finance Achievement Awards 2024 
  • Lagos Govt announces traffic diversion for Ogudu/Ifako Bridge repairs from June 28 to Oct. 15 
  • Senate approves second extension of 2024 capital budget implementation to December 2025 

Follow us on social media:

Recent News

Aradel Holdings Plc wins “Best Equity Deal in EMEA” at EMEA Finance Achievement Awards 2024 

Aradel Holdings Plc wins “Best Equity Deal in EMEA” at EMEA Finance Achievement Awards 2024 

June 24, 2025
Traffic diversion,

Lagos Govt announces traffic diversion for Ogudu/Ifako Bridge repairs from June 28 to Oct. 15 

June 24, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics