NDIC assures on safety of depositors’ funds amid online banks

NDIC assures on safety of depositors’ funds amid online banks

The Nigeria Deposit Insur­ance Corporation (NDIC), has assured that depositors whose funds are deposited in licenced Central Bank of Nigeria (CBN) banks are safe and insured, say­ing they have no cause to panic.

This was also said: “Deposi­tors whose money was trapped in closed or failed banks have been reimbursed.”

Speaking at the NDIC spe­cial day at the recent 45th Ka­duna International Trade Fair in Kaduna, the Managing Di­rector and Chief Executive, Dr Bello Hassan, remarked that “the corporation is dedicated to safeguarding depositors’ funds from the adverse effects of bank failure.

“As well as complementing the Central Bank of Nigeria (CBN) in effectively supervis­ing insured deposit-taking financial institutions and for­mulating sound banking poli­cies, ” he added.

Represented by a senior staff member of the corpora­tion, Hajiya Hauwa Gambo Jimeta, he noted that NDIC will continue to protect bank deposits and ensure financial stability and inclusion by as­suring Nigerians that their money is safe and accessible when needed.

According to him, “It is re­assuring for me to seize this opportunity to announce to de­positors in licenced banks that the NDIC has significantly im­proved its processes to ensure swift payment of insured sums to depositors in the event of or in the course of bank failure. We address depositors’ con­cerns and effect payment.

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“This aligns with our com­mitment to deliver on our man­date with renewed passion and greater vigour, ” he noted.

He said in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks in liquidation. More­over, we have utilized Alterna­tive Dispute Resolution (ADR) mechanisms and out-of-court settlements, revitalizing our liquidation activities.

“These efforts have signifi­cantly improved our debt recov­ery rate, enabling us to declare 100 per cent liquidation divi­dends to uninsured depositors of more than 20 deposit money banks in liquidation.

“Notably, the corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 microf­inance banks (MFBs) and 4 pri­mary mortgage banks (PMBs), ensuring timely payment of in­sured sums.

“Rest assured, NDIC re­mains committed to protecting Nigerian depositors and striv­ing to be one of the best deposit insurers globally. he said

To this end, a helpdesk is also set up for depositors of failed banks to learn how to ac­cess their deposits and process claims.