Insured Depositors Receive N11.83bn from NDIC
The Nigeria Deposit Insurance Corporation(NDIC) has cumulatively paid ₦11.83 billion to over 443,949 insured depositors and over ₦101.37 billion to uninsured depositors of all categories of banks in-liquidation as at June 2022.
Managing Director and Chief Executive Officer of the Corporation, Mr Hassan Bello disclosed this in his keynote address at the ongoing Finance
Correspondents Association of Nigeria(FI AN) workshop holding in Portharcourt, the River State capital.
The theme of this year’s workshop is “Boosting Depositors’ Confidence Amidst Emerging Issues and Challenges in the Banking System”.
The NDIC boss noted that, out of the 49 DMBs in-liquidation,
the Corporation in September, 2022 declared 100 per cent liquidation
dividend in 20 of those institutions, adding that the Corporation has
realized enough funds from their assets to fully pay all depositors of the listed banks.
According to him, the NDIC bank liquidation mandate entails reimbursement of insured
and uninsured depositors, creditors, and shareholders of banks in liquidation.
He said that the liquidation activities, as at June 30, 2022, covered a total
of 467 insured financial institutions in-liquidation, comprising of 49 DMBs.
On deposit guarantee, he said that as at 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.
Speaking on the area of consumer protection, the NDIC chief posited that 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.
“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 had developed and deployed the Single Customer View (SCV) platform for
the Microfinance and Primary Mortgage Banks in order to strengthen our
processes and procedure for data collection”, he said.
He said 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.
According to him, 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 on-going Integrated Regulatory Solution (IRS)
jointly being developed with the CBN.
Consumer Protection.
He said the Corporation has taken bold steps to invigorate its processes and procedures, towards a more effective
discharge of its depositor protection mandate.
