The Depositors Protection Corporation has urged depositors of collapsed banks to submit repayment claims. This comes after slow responses from depositors in making claims against the banks.
Depositors seem reluctant to claims their money perhaps due to the amounts being paid out. According to the DPC, depositors of the banking institutions that were closed before June this year are being compensated using the old cover of US$500 per depositor. However, the new cover limit of US$1000 per depositor is also expected to protect 93 percent of the transacting public.
Some of the failed banks include, Genesis, Royal, Trust, Interfin, AfrAsia and Allied Bank.
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