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Thursday, March 23, 2023

NDIC Introduces SCV To Ease Depositor’s Reimbursement In Microfinance Banks

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By Abdulwaheed Olayinka Adubi

Nigeria Deposit Insurance Corporation (NDIC) has introduced a Single Customer View (SCV) platform that will be deployed to microfinance banks to avoid delays in depositor reimbursement in the event of a bank failure.

The corporation’s Chief Executive, Mr Bello Hassan, made this known during a visit by the National Association of Microfinance Banks (NAMB) to Abuja.

Hassan explained that the SCV platform was implemented to reinforce the corporation’s processes in the event that the Central Bank of Nigeria revoked a failed MFB’s license (CBN).

According to Hassan, the platform would ensure that MFBs send quality, timely, and comprehensive depositor data to the NDIC.

He further explained that the platform would also provide a complete picture of depositors’ data at any given time.

“This would go a long way toward ensuring rapid payment in the event of a bank failure,” Hassan emphasized.

He did say, though, that the company will share the platform’s template with the association in order to get further feedback on how to improve the invention.

Hassan charged the association to promote the adoption of sound risk management practices, stressing that it was key to the maintenance of safe and sound MFBs sub-sector.

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