In a commendable move, the Nigeria Insurance Corporation (NDIC) has announced the successful reimbursement of depositors from 179 microfinance and four mortgage banks that faced liquidation nationwide.
Dr. Bello Hassan, the Managing Director of NDIC, conveyed this significant development during the 45th Kaduna International Trade Fair’s NDIC Special Day. Represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, Hassan emphasized the corporation’s unwavering commitment to safeguarding depositors’ funds in distressed licensed banks.
Hassan outlined the corporation’s proactive measures, including the implementation of the Single Customer View framework to expedite payments to depositors affected by the liquidation of banks.
Furthermore, he highlighted enhanced collaboration with the judiciary, resulting in the swift resolution of longstanding cases such as the Fortune and Triumph Banks liquidation.
The collaborative efforts with the judiciary have not only expedited proceedings but have also significantly improved the debt recovery rate.
This success has allowed the NDIC to declare 100% liquidation dividends to uninsured depositors of more than 20 deposit money banks, marking a positive turn of events.
Hassan emphasized, “Our priority at NDIC is the protection of Nigerian depositors.”
The corporation’s introduction of the Single Customer View framework and intensified collaboration with the judiciary have fortified its commitment to shielding depositors from the adverse effects of bank failures.
In response to the challenges faced by depositors with small balances, the NDIC has launched the ‘Deposit Tracer’ initiative in collaboration with mobile operators.
This innovative approach enables depositors to access their unpaid balances through mobile accounts, addressing apathy and ensuring a more inclusive refund process.
Additionally, Hassan highlighted the deployment of digital remote payment strategies to facilitate electronic funds transfers to verified depositors’ alternate bank accounts.
He encouraged depositors of banks in liquidation to leverage these various initiatives and claim their funds trapped in closed banks.
The NDIC’s dedication to prompt compensation, digital solutions, and collaborative frameworks underscores its commitment to ensuring a secure financial environment for depositors across the nation.
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