News - April 7, 2022

Single customer view platform to MFBs will expedite depositors’ reimbursement, says NDIC

MEDIATRACNET

The newly developed single customer view (SCV) platform to be deployed to microfinance banks (MFBs) will eliminate delays often experienced in reimbursing depositors in the wake of the revocation of failed MFBs licences by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has said.

Managing Director/Chief Executive of the Corporation, Bello Hassan, disclosed this while receiving executive members of the National Association of Microfinance Banks (NAMB) who visited the NDIC management in Abuja.

The NDIC MD said the Corporation introduced the Single Customer View platform in order to strengthen its processes.

Also, the platform, he said, would not only ensure rendition of quality, timely and complete data to NDIC by MFBs, but also give complete position of depositors’ data at any given time.

He said this would go a long way in enhancing prompt reimbursement of depositors’ claims in case of bank failure.

The MD, however, said the Corporation would expose the template for the platform to the association with a view to garnering additional inputs towards optimising the noble innovation.

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

The President of NAMB, Yusuf Gyallesu 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 which the Corporation had given to the association.

The President disclosed the establishment of a Monitoring and Evaluation Department by the Association aimed at promoting sound practices through self-regulation among MFB operators, and called on the Corporation to assist in strengthening the operations of the new department.

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