The Nigeria Deposit Insurance Corporation (NDIC) emphasizes its primary commitment to safeguarding depositors’ funds and has, therefore, reimbursed depositors of 179 closed microfinance banks and four mortgage banks nationwide.
Dr. Bello Hassan, the Managing Director of NDIC, conveyed this commitment during the 45th Kaduna International Trade Fair on Thursday and explained, “Our priority at NDIC is the protection of Nigerian depositors”. Represented by Hauwa Gambo, NDIC’s Deputy Director of Communication, Hassan underscored the corporation’s dedication to protecting Nigerian depositors.
He highlighted the introduction of the Single Customer View framework to expedite payments to depositors of closed banks, ensuring a swift response to the adverse effects of bank failure.
Hassan further noted the corporation’s increased collaboration with the judiciary for the prompt prosecution of failed insured institutions. This concerted effort has led to the resolution of prolonged cases involving closed banks. Alternative dispute resolution mechanisms and out-of-court settlements have been actively employed, revitalizing liquidation activities.
The NDIC has launched the ‘Deposit Tracer’ in partnership with mobile operators, allowing depositors to access their unpaid balances through mobile accounts. This initiative aims to address depositor apathy, especially among those with small balances.
To facilitate the retrieval of funds trapped in closed banks, the Managing Director encouraged depositors to take advantage of various initiatives implemented by the corporation. He affirmed the NDIC’s commitment to promptly compensating clients affected by the closure of 179 microfinance banks and four primary mortgage banks, using digital remote payment strategies for electronic funds transfers to verified depositors’ alternate bank accounts.
In the execution of its statutory functions, Hassan emphasized the importance of the Single Customer View framework in enhancing payments to depositors of liquidated banks.
