NDIC unveils platform for MFBs to reimburse depositors

The Nigeria Deposit Insurance Corporation (NDIC) has developed a Single Customer View (SCV) platform to be deployed to microfinance banks (MFBs) to eliminate delays in reimbursing depositors following the revocation of failed MFBs licences by the Central Bank of Nigeria (CBN).

Bello Hassan, managing director/chief executive of the corporation, disclosed this when the executive members of the National Association of Microfinance Banks (NAMB) visited the NDIC management in Abuja.

According to Hassan, the corporation introduced the platform in order to strengthen its processes. He said the platform would not only ensure rendition of quality, timely and complete data to NDIC by MFBs but also give complete position of depositors’ data at any given time which would go a long way in enhancing prompt reimbursement in case of bank failure.

The MD, however, said the corporation would expose the template for the platform to the association with a view to garnering additional inputs towards optimising the noble innovation.

A statement signed by Bashir Nuhu, director of communication and public affairs department, said he charged the association to promote the adoption of sound risk management practices by its members, stressing that it is key to the maintenance of safe and sound MFB sub-sector.

Yusuf Gyallesu, president of NAMB, lauded the corporation for its continued collaboration with the association and its members in strengthening microfinance bank operations in the country. He recalled NDIC’s contribution towards the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) and continuous capacity building for operators among other support that the corporation had given to the association.

Gyallesu said the establishment of a monitoring and evaluation department by the association was aimed at promoting sound practices through self-regulation among MFB operators. He called on the corporation to assist in strengthening the operations of the new department.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.