The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to ensuring prompt access to depositors’ funds in the event of a bank failure, following significant improvements to its claims settlement process.
Speaking at a Depositors’ Town Hall Meeting in Lagos yesterday, the Managing Director/Chief Executive Officer of the Corporation, Thompson Oludare, said the NDIC had enhanced its payout framework to eliminate delays and bolster public confidence in the banking system.
According to him, the Corporation has refined its reimbursement procedures to ensure that insured depositors are paid as quickly as possible after the closure of any financial institution.
He noted that the strengthened system was demonstrated in the recent payment of insured sums to depositors of the defunct Heritage Bank Limited, Union Homes Savings and Loans Plc, and other closed institutions.
“In those cases, we utilised the Bank Verification Number (BVN) as a unique identifier to trace depositors’ alternate accounts into which their insured sums were transferred. This enabled payments to be made within days of the banks’ closure,” he said.
