NDIC will develop a platform to accelerate payments to microfinance bank depositors

The Deposit Insurance Corporation of Nigeria (NDIC) said it is developing a single customer view platform to speed up payouts to depositors from failed microfinance banks. In cases where the Central Bank of Nigeria (CBN) revokes the license of some microfinance banks, clients of these banks have problems recovering their deposits. The corporation said its new platform that will address these issues will be rolled out to all microfinance banks. According to a statement from the corporation’s spokesman, Bashir Nuhu, the development was disclosed by the Corporation’s managing director, Bello Hassan, while receiving the executive members of the National Association of Microfinance Banks (NAMB) on a courtesy visit to the NDIC. Management in Abuja. According to Mr. Hassan, the corporation introduced the single customer view platform to strengthen its processes. He said the platform would not only ensure delivery of quality, timely and complete data to the NDIC by MFBs, but also provide a complete position of depositor data at any time, which would go a long way in improving fast reimbursement in case of bank failure. However, he said that the corporation would expose the template of the platform to the association in order to get additional input to optimize the noble innovation. He charged the association with promoting the adoption of sound risk management practices by its members, emphasizing that it is key to maintaining a safe and sound MFB sub-sector. NAMB President Yusuf Gyallesu commended the corporation for its continued collaboration with the association and its members in strengthening microfinance banking operations in the country. ALSO READ: Microfinance banks seek recapitalization term extension He recalled NDIC’s contribution towards the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) and continued capacity building for operators, among other support that the Corporation had provided to the association. Mr. Gyallesu revealed the establishment of a Monitoring and Evaluation Department by the Association with the aim of promoting sound practices through self-regulation among MFB operators and called on the Corporation to help strengthen the operations of the new department. . Read More Related News Here Let here it in the comment below if you do have an opinion on this; NDIC will develop a platform to accelerate payments to microfinance bank depositors