………. As Lagos Hosts 2022 NDIC Editors’ Forum
Microfinance banks in the country are being better structured and repositioned to render seamless financial services to Nigerians ,thereby promoting businesses and ultimately rapid economic growth.
The Managing Director, Nigeria Deposit Insurance Corporation, NDIC, Mr. Bello Hassan who made the observation said it is being made possible by the establishment of the National Association of Microfinance Banks, NAMBUIT.
Speaking at the
at the 2022 NDIC Editors’ Forum in Lagos , Mr. Hassan predicted an astronomical rise in the number of Microfinance banks joining NAMBUIT this year.
NAMBUIT is the apex body of all licensed Microfinance banks in Nigeria.
Mr. Hassan noted at the end of 2022, the body’s platform had on-boarded a substantial number of microfinance banks with the number expected to increase considerably this year.
He pointed the cooperation in collaboration with the Central Bank of Nigeria, CBN, has been working on the National Association of Microfinance Banks In-flight Information Technology, which provides uniform banking application to all microfinance banks to facilitate easy submission of returns to the apex bank and the corporation.
Mr. Hassan also said that the cooperation in 2020 deployed the Single Customer Review Reporting Template to Microfinance Banks and Primary Mortgage Banks in order to address challenges of delays in the payment of their depositors, in the event of failure or liquidation.
According to Mr Hassan, the single customer view templates present single unique and consistent information on bank depositors for faster pay out of insured claims.
He said that the Corporation remained committed towards further strengthening the deposit insurance framework and showing prompt and timely support as well as fast tracking efficient and orderly resolution of troubled insured financial institutions according to international best practices.
Mr Hassan pointed out that this has remained the focus of the Corporation as they worked towards its vision of becoming one of the best deposit insurance in the world.
He added that the corporation was also committed to upscaling media engagement through collaboration and effective partnership to reach out to critical stakeholders.
The NDIC Boss expressed the hope that the forum would set the agenda for the realisation of the objectives of the engagement.
The theme of the 2022 NDIC Editors’ Forum was “Deposit Insurance System (DIS) and Financial System Stability’’.