Banking Briefs
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THE Nigeria Deposit Insurance Corporation, NDIC, has put the total amount paid to depositors and shareholders of closed banks at N102.49 billion. Umaru Ibrahim, managing director of the corporation, at the just concluded Lagos International Trade Fair, said the primary responsibility of the NDIC is to protect depositors, enhance public confidence and foster the safety, soundness and stability in the financial system.
Following the revocation of the operating licences of about 48 insured deposit money banks, DMBs, in 1994, 1995, 2000, 2003 and 2006 and 103 microfinance banks in 2010, 83 in 2013 and 26 primary mortgage banks in 2014, the NDIC has paid a cumulative sum of N6.825 billion to 528,277 insured depositors of the DMBs in-liquidation as of August 31, 2014. On the payment of liquidation dividends to the uninsured depositors of the closed DMBs, a cumulative sum of N93.646 billion has been paid as liquidation dividend to 250,497 depositors with claims in excess of the insured limit as of August 31, 2014.
Similarly, the corporation has paid liquidation dividend which stood at N2.031 billion to 453 shareholders of Alpha, Pan African and Nigeria Merchant Bank, as of August 31, 2014.
Ibrahim urged depositors who are yet to file their claims to do so at any of the corporation’s appointed agent banks nearest to them. He stressed that in the last 25 years the corporation had been committed to the effective discharge of its mandate of depositor protection and has recorded giant strides that stand to its credit. “The corporation has been effectively responding to all emerging issues in the global financial system, particularly financial literacy, consumer protection, financial inclusion, sustainable banking and extension of deposit insurance coverage to depositors of non-interest banks.
These developments can be recalled in the Regulatory Framework for Mobile Payments Service in Nigeria which aimed at revolutionalising the Nigerian Payment System in tune with global developments as well as facilitating financial inclusion in the country. Also, the development has led to the licensing of 24 Mobile Money Operators, MMOs, by Central Bank of Nigeria. The NDIC has considered this as imperative of the extension of deposit insurance to individual subscribers of the MMOs in the form of pass-through deposit insurance. This framework is making the pass-through insurance scheme operational is currently being finalised by the Corporation.
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CBN Approves Maritime Microfinance Bank
THE Central Bank of Nigeria, CBN, has approved Maritime Microfinance Bank for dockworkers, freight forwarders, truckers, port workers and government agencies that always have challenges accessing loans in the maritime industry. Bolaji Akinola, CEO, Ships and Ports Communication Company, and a promoter of the new bank, said the birth of the Maritime MFB is a culmination of several years of research and team work between several well-meaning people who are passionate about growing the maritime industry.
The Maritime MFB has been set up to fill a yawning gap within the financial services industry by offering small loans, or micro-loans, to maritime industry operators and workers who are unable to access conventional loan services. Noting that the bank will use small and microloans to develop small businesses based on their existing talents and skill sets. He added that access to finance is an invaluable element that brings growth and development to any sector of the economy and also helps in realising full economic capabilities of the people.
“We are embarking on a revolution in the provision of financial solutions for the maritime industry. We are starting as a unit micro-finance bank but our vision is to evolve into a full fledge commercial bank fully dedicated to the growth and development of the maritime industry,” he said.
According to Akinola, the Maritime MFB will build exceptional value for its clients by demonstrating incomparable care for their needs and increasing their financial wealth by providing tailored solutions to meet their financial needs and protecting their assets. He said the bank is deploying the latest banking technology and have developed very exceptional financial solutions that will help its clients grow. These, he said, are in addition to the regular banking products which include Savings Account, Current Account, Salary Account and Cooperative Account among others.
The Maritime MFB, which will formally commence operation on Monday, December 1, is the first financial institution fully dedicated to servicing the maritime industry in Nigeria. It will be added to the 795 microfinance banks already listed by the Central Bank.
— Dec. 1, 2014 @ 01:00 GMT
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