The Nigeria Deposit Insurance Corporation (NDIC) yesterday said that it had paid a total of N113.2 billion to both insured and uninsured depositors of banks in liquidation.

The corporation stated that cumulatively, it 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.

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Furthermore, 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).

Speaking during this year’s workshop for finance correspondents in Nigeria, held in Port Harcourt, with the theme: boosting depositors’ confidence amidst emerging issues and challenges in the banking industry, Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, said that 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 our zonal offices, to receive and process complaints from depositors.

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“In the area of scaling up the deposit insurance framework and ensuring faster and orderly resolutions of liquidated insured institutions, in May this year, with the active participation of the relevant stakeholders, we developed and deployed the single customer view (SCV) platform for the microfinance and primary mortgage banks to strengthen our processes and procedure for data collection.

“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’ licenses by the CBN. 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.

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“As of June 30, 2022, the NDIC provided deposit insurance coverage to a total of 981 insured financial institutions. The breakdown includes: thirty-three (33) DMBs made up of Twenty-Four (24) Commercial Banks, Six (6) Merchant Banks, and Three (3) Non-Interest Banks (NIBs) plus Two (2) Non-Interest Windows; 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); Three (3) Payment Service Banks (PSBs) and 29 Mobile Money Operators.

“It is most profound for me to say that out of the 49 DMBs in liquidation, the Corporation in September 2022 declared a 100 percent liquidation dividend in 20 of those institutions, meaning that the Corporation has realized enough funds from their assets to fully pay all depositors of the listed banks.”

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