The Nigeria Deposit Insurance Corporation (NDIC) has disclosed how it is expediting the swift payments of dividends to customers of liquidated financial institutions.
NDIC’s Managing Director, Bello Hassan made this known during the NDIC Special Day at the ongoing 45th Kaduna International Trade Fair, Kaduna.
Represented by Hauwa Gambo, Deputy Director, Communications Department, NDIC, Hassan said the Corporation had launched the Deposit Tracer Initiative in partnership with a mobile money operator, to enable depositors access their unpaid balances through mobile accounts.
Hassan said the Corporation also deployed a mobile application and updated its website for online claims processing, to offer depositors the option of virtual verification during payout exercises.
This, he said, would address apathy among depositors with small balances, adding that the NDIC had significantly improved its processes to ensure swift payment of insured sums to depositors.
He said the Corporation has introduced a “Single Customer View” framework, to expedite payment to depositors of closed banks while collaborating with the judiciary for prosecution of failed insured institutions.
The NDIC helmsman said the efforts had improved debt recovery rate which enabled the declaration of 100 per cent liquidation dividends to uninsured depositors.
He said the Corporation successfully reimbursed depositors during the recent closure of 179 microfinance banks, and four Primary Mortgage Banks (PMBs), which prompted timely payments of insured sums.
According to Hassan, the deployment of digital remote payment strategies by the Corporation stimulates electronic funds transfer to verified depositor’s alternate bank accounts.
“It is essential to emphasise that payments are ongoing with depositors holding funds exceeding the insured limit set to receive liquidation dividends following debt recovery and asset sales,” he said.