PROTECTION NIGERIAN DEPOSITORS, NDIC INTRODUCES SCV

 

By Gambo Abubakar Kaduna

 The Managing Director and Chief Executive Nigeria Deposit Insurance  Corporation (NDIC) Alhaji Bello Hassan has announced the introduction of Single Customer View (SCV) for the speed payment of depositors in the course of bank failure or banks closed.

  Bello Hassan made the announcement through the organisation Deputy Director of Communications department, Hajiya Hauwau Gambo, at the NDIC's special day on 45th Kaduna International Trade Fair, organised by the Kaduna Chamber of Commerce Industry, Mines and Agriculture (KADCCIMA), held at the trade fair complex recently in Kaduna.

 The executive Chairman, however revealed that, "the corporation have also enhanced the collaboration with the judiciary for speedy prosecution of failed insured institutions, is the concerted efforts resulted in resolving long drawn cases of closed banks, such as Fortune and Triumph Banks liquidation.

   " I warmly welcomed and heartfelt appreciation to the distinguished guests; royal fathers, government officials, representatives of financial institutions, members of the private sector, academia, civil society groups, and other stakeholders."

  The managing Director further commended the Kaduna Chamber of Commerce President and the entire team for hosting the 45th edition of the Kaduna International Trade Fair.

   "the this year's theme, "Sustaining Economic Recovery through Deepening Local Content Value Chain", falls in line with the Corporation's mandate and public policy objective of ensuring the stability of the financial system in order to provide the necessary support to economic recovery efforts of governments business entities and concerns."

   He maintained that, "NDIC is the protection of Nigerian depositors. We are dedicated to safeguarding depositors' funds from the adverse effects of bank failure and complementing the Central Bank of Nigeria (CBN).

 "in effectively supervising insured deposit-taking financial institutions and formulating sound banking policies."

 Mr Bello Hassan,also reiterated the NDIC commitment in "protecting your bank deposits" for ensuring stability and inclusion Nigerian that their money is safe and accessible.

 This aligns with our commitment to deliver on our mandate with renewed passion and greater vigour.

   The executive Chairman, further noted that, the Corporation have utilised Alternative Dispute Resolution (ADR) mechanisms and out-of-court settlements,.revitalising our liquidation activities. 

 "These efforts have significantly improved the debt recovery rate, enabling us to declare 100 per cent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation."

  "in continue strengthen the systems, processes, and procedures to enhance transparency and accountability across the operations."

 "the Corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 Microfinance Banks (MFBs) and 4 Primary Mortgage Banks (PMBs), and ensured timely payment of insured sums."

  He also expressed that, the corporation deployed digital remote payment strategies to facilitate electronic funds transfers to verified depositors' alternate bank accounts.

"It is essential to emphasise that payments are ongoing, with depositors holding funds exceeding the insured limit set to receive liquidation dividends following debt recovery and asset sales."

    In other addressed apathy among depositors with small balances, NDIC launched the "Deposit Tracer" initiative in partnership with a Mobile Money Operator, (MMO), which enabling depositors to access their unpaid balances through mobile accounts. 

  NDIC also ,have deployed a mobile application and updated our website for online claims processing, offering depositors the option of virtual verification during payout exercises. 

  The Managing director however, urged the depositors of banks in liquidation to utilise these initiatives to claim their funds trapped in closed banks.