EXPLAINER: What happens to depositors’ funds when banks fail

This decision, it said, was to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act 2020.

For customers of the bank, here’s what happens to your money when the license of your bank gets revoked: 2. The insured limit is a maximum of N5,000,000 for each depositor for deposits held in each insured Deposit Money Bank like Heritage.3. This implies that if you have about N10 million in your account, you would be paid N5m if a bank becomes insolvent or closed by the Central Bank of Nigeria

5. If a husband and wife or any two or more persons have, in addition to their individual accounts, a joint account in the same insured bank, the joint account and each of the individually-owned accounts are separately insured up to the insured maximum sum.

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