NDIC Floats SCV Platform, Pays N11.83bn To Over 443,949 Insured Depositors
- Uninsured depositors get N101.37bn
BY CHINYERE OBIORA – The Nigerian Deposit Insurance Corporation (NDIC) has floated the Single Customer View (SCV) platform to guarantee faster and orderly resolutions of liquidated insured institutions in the country.
This is as the Commission said about N11.83 billion has been paid cumulatively to over 443,949 insured depositors with the sum of N101.37 billion also paid to uninsured depositors of all categories of banks in-liquidation as of June 30, 2022.
As value addition to its processes of scaling-up the deposit insurance framework, the SCV platform would further strengthen the processes and procedure for data collection in Microfinance and Primary Mortgage Banks, as well as ensure availability of quality, timely and complete data to the Commission.
The Managing Director and Chief Executive Officer of the (NDIC), Mr Bello Hassan, who spoke on the SCV and deposit insurance payment, said; “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.”
Bello stated that this while addressing Business Editors and Finance Correspondents at the Commission annual workshop in Port Harcourt, the Rivers State capital, with the theme; “Boosting Depositors’ Confidence Amidst Emerging Issues and Challenges in the Banking System”.
He said when fully operational, the platform would ultimately eliminate delays often experienced in reimbursing depositors following revocation of institutions’ licenses by the Central Bank of Nigeria (CBN).
The Commission Chief Executive, who reiterated the Corporation’s resolve to deliver on its core mandates being open to stakeholders’ suggestions and observations, said; “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 (MMOs).”
On its bank liquidation mandate, Bello said by June 30, 2022, the NDIC had covered a total of 467 insured financial institutions in-liquidation, consisting of 49 Deposit Money Banks (DMBs), 367 Micro Finance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs).
According to him, out of the 49 DMBs in-liquidation, the Corporation, in September 2022, declared 100 percent liquidation dividend in 20 of these institutions, meaning that the Corporation has realized enough funds from their assets to fully pay all depositors of the listed banks.
Bello, who also spoke on consumer protection, said 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.
He said for adequate coverage in effective service delivery, the NDIC’s Zonal Offices have also been empowered to receive and process complaints from depositors.
