By Anthony Nwachukwu
To fast track depositor reimbursement, the Nigeria Deposit Insurance Corporation (NDIC) said it has developed a Single Customer View (SCV) platform to be deployed to microfinance banks (MFBs) in order to eliminate the delay often experienced in reimbursing depositors.
This followed the recent revocation of licences of failed MFBs by the Central Bank of Nigeria (CBN), the NDIC Managing Director/Chief Executive Officer, Mr. Bello Hassan, told the executive members of the National Association of Microfinance Banks (NAMB) who paid the NDIC management a courtesy visit in Abuja.
Hassan explained that the corporation introduced the SCV platform to strengthen its processes, noting that it will not only ensure MFBs’ “rendition of quality, timely and complete data to NDIC but also give complete position of depositors’ data at any given time, which would go a long way in enhancing prompt reimbursement in case of bank failure.”
However, said the corporation would expose the template for the platform to NAMB with a view to garnering additional inputs towards optimising the noble innovation, according to a statement from the NDIC Director, Communication and Public Affairs, Bashir A. Nuhu.
He charged the association to promote the adoption of sound risk management practices among members, stressing that it is key to maintaining safe and sound MFB sub-sector.
On his part, NAMB President, Mr. Yusuf Gyallesu, commended NDIC’s continued collaboration with the association and its members in strengthening microfinance bank operations in the country.
According to him, these included the corporation’s contribution towards the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT), and continuous capacity building for operators.
He disclosed that NAMB has established a monitoring and evaluation department to promote sound practices through self-regulation among MFB operators, and called on the corporation to assist in strengthening the operations of the new department.