The CEO of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, recently spoke about the corporation’s efforts to protect customers of Microfinance Banks (MFBs). In a keynote address at an Editors’ Forum event, he highlighted the corporation’s work to bring more MFBs onto the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) platform to ensure quick resolution in case of failure. The event was focused on the topic “Deposit Insurance System (DIS) and Financial System Stability.”

Hassan also highlighted that the NDIC is working to bring more MFBs onto the National Association of Microfinance Banks Unified Information Technology platform in order to facilitate prompt resolution in the event of a failure. The NDIC and the Central Bank of Nigeria have adopted a risk-based approach to supervision, aimed at proactively identifying potential threats and taking appropriate regulatory actions.

The CEO also noted that the deployment of the Single Customer View reporting template to Microfinance and Primary Mortgage banks in 2022 aims to address the challenge of delays in the payment of depositors in the case of their failure or liquidation.

Source: ThisDay Live

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