Economy
MR Bello Hassan, Managing Director, Nigeria Deposit Insurance Corporation (NDIC), has predicted an increase in the number of microfinance banks listed on the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) platform this year
Hassan made the prediction at the 2022 NDIC Editors Forum with the theme, “Deposit Insurance System (DIS) and Financial System Stability’’, on Monday in Lagos.
NAMB is the apex body of all licensed microfinance banks in Nigeria.
Hassan noted that at the end of 2022, the NAMBUIT platform had on-boarded a substantial number of microfinance banks.
“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, or what we call NAMBUIT platform, which provides uniform banking application to all microfinance banks to facilitate easy submission of returns to the CBN and the NDIC.
“At the end, December 2020, the NAMB platform had on-boarded quite a significant number of microfinance banks, and the number is expected to increase considerably this year,’’ Bello said.
The NDIC boss 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 him, the single customer view templates present single unique and consistent information on bank depositors for faster pay out of insured claims.
Hassan said that the cooperation 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.
This, he said, 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.
Hassan expressed the hope that the forum would set the agenda for the realisation of the objectives of the engagement.(NAN)
E.C
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