The Nigeria Deposit Insurance Corporation (NDIC) has announced the reimbursement of depositors from 179 liquidated microfinance and four mortgage banks across the nation. The declaration was made by Dr. Bello Hassan, the Managing Director of NDIC, during the NDIC Special Day at the ongoing 45th Kaduna International Trade Fair on Thursday.
Dr. Bello Hassan, represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, reiterated the corporation’s unwavering commitment to protecting depositors’ funds in distressed licensed banks. He highlighted the implementation of the Single Customer View framework to facilitate the expedited payment process to depositors of liquidated banks, underscoring the corporation’s adherence to its statutory obligations.
Furthermore, Hassan emphasized the bolstering of collaboration with the judiciary to ensure the swift prosecution of failed insured banks, resulting in the resolution of prolonged cases involving closed banks such as Fortune and Triumph Banks’ liquidation. This collaborative effort has notably enhanced the debt recovery rate, enabling the NDIC to declare 100% liquidation dividends to uninsured depositors of over 20 deposit money banks.
“Our priority at NDIC is the protection of Nigerian depositors. We are dedicated to safeguarding depositors’ funds from the adverse effects of bank failure,” stated Hassan.
The NDIC has promptly compensated clients affected by the closure of the 179 microfinance banks and four primary mortgage banks. Additionally, the corporation has deployed digital remote payment strategies to facilitate electronic funds transfers to verified depositors’ alternate bank accounts.
To address depositor apathy, particularly among those with small balances, Hassan announced the launch of the ‘Deposit Tracer’ initiative in collaboration with mobile operators. This initiative enables depositors to access their unpaid balances through mobile accounts.
Hassan urged depositors of banks under liquidation to leverage the various initiatives introduced by the corporation to reclaim their funds held in closed banks, emphasizing the corporation’s commitment to ensuring depositor protection and financial stability.