How NDIC Paid N11.84b To Over 443,949 Insured Depositors, N101.37b To Uninsured Depositors
The Nigeria Deposit Insurance Corporation (NDIC) on Monday said as of June 2022, cumulatively paid N11.83 billion to over 443,949 insured depositors and over N101.37 billion to uninsured depositors of all categories of banks in liquidation.
Bello Hassan, Managing Director/Chief Executive of NDIC disclosed this at the opening session of the 19th edition of the NDIC workshop for business editors and members of the Finance Correspondents Association of Nigeria (FICAN) in Port Harcourt, Rivers State.
According to him, “The NDIC bank liquidation mandate entails reimbursement of insured and uninsured depositors, creditors, and shareholders of banks in liquidation. The liquidation activities, as of June 30, 2022, covered a total of 467 insured financial institutions in liquidation, comprising 49 Deposit Money Banks (DMBs), 367 Microfinance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs).”
He said that the Corporation had realised enough funds from its assets to fully pay all depositors of the listed banks.
Recall that the three-day workshop, which was its 19th edition, with theme: “Boosting Depositors Confidence Amidst Emerging Issues and Challenges in the Banking System,” started Monday 28th and would last till Wednesday 30th November, 2022.
The NDIC boss said that the corporation had also provided deposit insurance coverage to a total of 981 insured financial institutions.
He named the financial institutions insured to be 33 DMBs made up of 24 Commercial Banks, six Merchant Banks and three Non-Interest Banks (NIBs) plus two Non-Interest Windows; 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); 3 Payment Service Banks (PSBs) and 29 Mobile Money Operators.
The NDIC boss said that the Corporation had in May, developed and deployed the Single Customer View (SCV) platform for the Microfinance and Primary Mortgage Banks, to strengthen its processes and procedure for data collection.
He explained that the platform would not only ensure availability of quality, timely and complete data to the NDIC, but would eliminate delays often experienced in reimbursing depositors, following revocation of institutions’ licences by the CBN.
He said that the final phase of the implementation of the SCV for Deposit Money Banks (DMBs) would be achieved through the incorporation of the SCV template as part of the on-going Integrated Regulatory Solution (IRS) jointly being developed with the CBN.
On consumer protection, the NDIC boss said the Corporation had strengthened its complaints resolution platforms, which included the Toll-Free Help Desk, social media handles and Complaints Desks in the Bank Examination.
Other strengthened platforms are; Special Insured Institutions and Claims Resolutions Departments, and the Zonal Offices, to receive and process complaints from depositors.
He commended stakeholders and reiterated that the landmark achievements of the Corporation and others, would not have been possible, without their active support.
