The Nigeria Deposit Insurance Corporation (NDIC) has announced the reimbursement of deposits from 179 microfinance banks and four primary mortgage banks across Nigeria.
Dr. Bello Hassan, the Managing Director of NDIC, disclosed this during the NDIC Special Day at the 45th Kaduna International Trade Fair.
Hassan emphasized that the protection of Nigerian depositors’ funds in licensed banks experiencing distress is the corporation’s top priority.
He explained that the NDIC has introduced the Single Customer View framework to expedite payments to depositors of closed banks, ensuring timely reimbursements.
Furthermore, Hassan highlighted the NDIC’s collaboration with the judiciary to hasten the prosecution of failed insured banks, leading to the resolution of long-standing cases like Fortune and Triumph Banks liquidation.
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This collaboration has significantly improved debt recovery rates, enabling the declaration of 100% liquidation dividends to uninsured depositors of over 20 deposit money banks in liquidation.
The NDIC boss noted the successful reimbursement of depositors during the recent closure of microfinance banks and primary mortgage banks, ensuring prompt payment of insured sums.
Additionally, digital remote payment strategies have been deployed to facilitate electronic fund transfers to verified depositors’ alternate bank accounts.
To address depositor apathy, especially among those with small balances, the NDIC launched the ‘Deposit Tracer’ in partnership with mobile operators.
This initiative allows depositors to access their unpaid balances through mobile accounts.
Hassan urged depositors of banks in liquidation to take advantage of the NDIC’s initiatives to claim their funds trapped in closed banks.
He reassured depositors of the NDIC’s unwavering commitment to protecting Nigerian depositors’ interests.
