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NDIC To Assist MFBs Expedite Depositors’ Repayment

The Nigeria Deposit Insurance Corporation (NDIC) has created a Single Customer View (SCV) platform that will be applied to microfinance banks (MFBs) to avoid delays in reimbursing depositors following the Central Bank of Nigeria’s cancellation of failed MFBs’ licenses.

Bello Hassan, the Corporation’s Managing Director/Chief Executive, made the announcement while welcoming executive members of the National Association of Microfinance Banks (NAMB) on a courtesy visit to the NDIC Management in Abuja.

According to the NDIC’s CEO, the company implemented the Single Customer View platform to improve its processes. He said that the platform would not only ensure that MFBs provided quality, timely, and comprehensive data to the NDIC, but would also provide the complete status of depositors’ data at any given time, which would help speed up compensation in the event of a bank failure.

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AIHS 2022

The CEO, on the other hand, stated that the company would share the platform’s template with the association in order to get further feedback on how to improve the good initiative.

He urged the association to encourage its members to adopt strong risk management techniques, emphasizing that this is critical to maintaining a safe and sound MFB sub-sector.

Yusuf Gyallesu, President of NAMB, praised the firm for continuing to work with the organization and its members to promote microfinance bank operations in the country. He recalled NDIC’s assistance to the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT), as well as the Corporation’s ongoing capacity building for operators, among other things.

The Association has established a Monitoring and Evaluation Department to promote sound procedures through self-regulation among MFB operators, and the President has asked the Corporation to assist in enhancing the new department’s operations.

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