NDIC Disburses N113.2bn to Insured, Uninsured Depositors
The Managing Director/Chief Executive Nigeria Deposit Insurance Corporation (NDIC) Mr. Bello Hassan has stated that the corporation has 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.
This brings the total amount to N113.2 billion.
He noted that the updated figures captured the 49 deposit money banks (DMBs) in liquidation as of June 2022.
He said this yesterday, in his opening remark at the 19th edition of NDIC Workshop the Finance Correspondents Association of Nigeria (FICAN) and Business Editors with the theme, “Boosting Depositors’ Confidence Amidst Emerging Issues and Challenges in the Banking System.”
According him, “As of June 2022, 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.
“It is most profound for me to say that out of the 49 DMBs in-liquidation, the Corporation in September 2022 declared 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 added as of June 30, 2022, the NDIC provided deposit insurance coverage to a total of 981 insured financial institutions.
The breakdown included: 33 DMBs made up of 24 commercial banks, six merchant banks and three non-interest banks (NIBs).
Others, he added were: two non-interest windows, 882 Microfinance Banks (MFBs), 34 Primary Mortgage Banks (PMBs), three Payment Service Banks (PSBs), and 29 Mobile Money Operators.
Hassan added that the corporation was determined to ensure a faster and orderly resolution of liquidated banks.
He said: “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.
“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.
“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.”
He added 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.