The Nigeria Insurance Corporation stated that depositors of four mortgage banks and 179 resting microfinance institutions nationwide have received their money back.
According to The PUNCH, this was said on Thursday during the 45th Kaduna International Trade Fair at the NDIC Special Day, which was presided over by the organization’s managing director, Dr. Bello Hassan.
The Deputy Director of Communication for the NDIC, Hauwa Gambo, represented Hassan, who reaffirmed that the organization’s top goal was safeguarding the depositors’ money in licensed banks that were experiencing financial difficulties.
Hassan claims that “In order to speed payment to depositors of collapsed banks, the organization implemented the Single Customer View architecture as part of its statutory duties.”
He went on to say that “The NDIC has improved its cooperation with the legal system in order to prosecute failing insured banks more quickly, which has contributed to the resolution of protracted closed bank cases like the liquidation of Triumph and Fortune Banks.
As a result of the efforts, the debt collection rate has increased dramatically, according to Hassan, allowing the company to distribute 100% liquidation dividends to uninsured depositors of over 20 deposit money institutions.
“The protection of Nigerian depositors is our top priority at NDIC, he declared. Our goal is to protect depositor money from the negative consequences of bank collapse. To help depositors of shuttered banks receive their money more quickly, the company implemented the Single Customer View architecture.
“The company has improved its cooperation with the legal system to expedite the prosecution of insolvent insured institutions. Due to a concentrated effort, protracted bank closure instances like Fortune and Triumph Banks in liquidation have been resolved.
“Additionally, we have revived our liquidation activity by utilizing out-of-court settlements and other dispute resolution procedures. Our debt collection rate has increased dramatically as a result of these efforts, and we are now able to pay 100% liquidation dividends to uninsured depositors of more than 20 deposit money institutions that are under liquidation.”
Hassan said that the NDIC has implemented digital remote payment techniques to enable electronic money transfers to the secondary bank accounts of verified depositors.
He noted that the NDIC, in collaboration with mobile carriers, introduced the “Deposit Tracer,” which enables depositors to view their outstanding amounts through mobile accounts, in an effort to combat the indifference of depositors with tiny balances.
He pleaded with bank depositors who were in liquidation to take advantage of the company’s numerous programs in order to retrieve their money that was held in shuttered institutions.
