NDIC develops platform to end delays in paying failed banks’ depositors

THE Nigeria Deposit Insurance Corporation (NDIC) has developed a Single Customer View (SCV) platform to eliminate delays in reimbursing depositors of failed deposit taking institutions, upon revocation of their license by the Central Bank of Nigeria (CBN).

This is one of the areas through which the Corporation supports financial inclusion.

The NDIC said it plays a critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS) through the provision of deposit insurance coverage to depositors of licensed banks.

“The NDIC’S activities through the supervision of banks, not only enhances depositors’ confidence in the financial system, but also serves as incentive to the unbanked to access financial services of the licensed banks,’’ a statement signed by Bashir a. Nuhu, director, communication & public affairs department, NDIC said.

according to the statement, the Corporation has also been at the forefront of the implementation of the NFIS in Nigeria as a member of the National Financial Inclusion Governance Committee headed by the Central Bank of Nigeria (CBN).

The Corporation is also part of the efforts to further enhance the attainment of national financial inclusion targets as the National Financial Inclusion Governance Committee sets to host the maiden International Financial Inclusion Conference 2022 scheduled to take place between November 24 and 25, 2022 in abuja.

Since the launch of the NFIS, stakeholders have achieved great strides in achieving financial inclusion objectives which has resulted in the exclusion rate dropping from 46.3 percent in 2010 to 35.9 percent in 2020.

“It is important to note that quite a number of the financially excluded individuals failed to join the formal financial system due to fear of possible loss of their savings from bank failure which the deposit insurance of the NDIC addresses,” the statement said.

The international financial inclusion conference 2022 presents a unique opportunity to showcase advancements in financial inclusion in Nigeria, spotlights other jurisdictional experiences, and will serve as a platform for policymakers, financial institutions, and other stakeholders to engage on contemporary issues such as innovation, digital technology, and the role of collaboration in achieving financial inclusion for all Nigerians.