NDIC deploys single customer view platform for data collection in MFBs

November 28, 2022

The Nigeria Deposit Insurance Corporation (NDIC) said it has strengthened the process and procedure for data collection in microfinance and Primary Mortgage Banks in the country.

This was disclosed by the Managing Director/Chief Executive Officer of the NDIC, Mr Bello Hassan on Monday in Port Harcourt at a workshop organised by the Corporation for Business Editor and Finance Correspondents.

It explained that this was done through the Single Customer View (SCV) platform, which the Corporation developed and deployed, adding that it would help to ensure the availability of quality, timely and complete data to the NDIC.

According to Hassan, the platform would as well eliminate delays often experienced in reimbursing depositors following the revocation of institutions’ licenses by the Central Bank of Nigeria (CBN).

He pointed out that the final phase of the implementation of the SCV for Deposit Money Banks (DMBs) will be achieved through the incorporation of the SCV template as part of the ongoing Integrated Regulatory Solution (IRS) jointly being developed with the CBN.

Speaking on the bank liquidation mandate, he said as at June 30, 2022, NDIC has covered a total of 467 insured financial institutions in liquidation, comprising 49 Deposit Money Banks, 367 Micro Finance Banks, and 51 Primary Mortgage Banks.

He stated that within the same period, the NDIC had 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.

Hassan explained that out of the 49 DMBs in liquidation, the corporation in September 2022 declared a 100 per cent liquidation dividend in 20 of those institutions, meaning that the corporation has realised enough funds from their assets to fully pay all depositors of the listed banks.

He said in the area of consumer protection, the corporation has strengthened its complaints resolution platforms, which include the Toll-Free help desk, social media handles and complaints desks in the Bank examination, special insured institutions and claims resolutions departments, as well as zonal offices, to receive and process complaints from depositors.

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