NDIC To Seek MFBs’ Inputs On Template For Customers’ Reimbursement

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The Nigeria Deposit Insurance Corporation (NDIC) said it would seek the inputs of microfinance banks (MFBs) to a new platform designed for prompt payment of depositors of failed banks.

The Corporation has developed a Single Customer View (SCV) platform for quick payment of customers of failed microfinance banks (MFBs).

Managing Director, NDIC, Bello Hassan told the National Association of Microfinance Banks (NAMB) that inputs from the MFBs are to help to optimise the noble innovation.

MFBs are licenced by the Central Bank of Nigeria (CBN) but the NDIC liquidates and pays the verified claims of depositors in the event of failure.

The Single Customer View platform is expected to strengthen processes, ensure rendition of quality, timely and complete data as well as give the complete position of depositors’ data at any given time.

He charged the association to promote the adoption of sound risk management practices by its members, stressing that it is key to the maintenance of a safe and sound MFB sub-sector.

Yusuf Gyallesu, President of NAMB, lauded the Corporation for its continued collaboration with the association and its members in strengthening microfinance bank operations in the country.

He recalled NDIC’s contribution towards the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) and continuous capacity building for operators amongst other support that the Corporation had given to the association.

The President disclosed the establishment of a Monitoring and Evaluation Department for which he sought the Corporation’s assistance for its strengthening.

The department is created by the association to promote sound practices through self-regulation among MFB operators.

 

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