NDIC wants all micro finance banks to key into NAMBUIT platform


By Ginika Okoye

Lagos, Oct. 21, 2020 The Nigeria Deposit Insurance Corporation (NDIC), has appealed to all Micro-Finance Banks (MFBs) to key in their data into the National Microfinance Bank Unified Information Technology (NAMBUIT) platform for better service delivery.

Mr Joshua Etopidiok, the Director, Special Insured Institutions Department of the NDIC, made the appeal on Wednesday in Lagos at a workshop for members of Finance Correspondents Association of Nigeria (FICAN).

Etopidiok who delivered a lecture entitled `Micro-Finance & Primary Mortgage Banks in Nigeria: COVID-19 Impact, Regulatory Response and Outlook’, said the move would stimulate Digital Financial Services (DFS) in MFBs.

He said that no fewer than 911 MFBs and 34 Primary Mortgage Banks (PMBs) were currently operating in the country.

Etopidiok noted that any micro-finance bank that refused to transact its businesses online would gradually lose its customers as they would be viewed as being unserious by customers.

According to him, anybody who wants to exist tomorrow must embrace financial technology (fintech).

“CBN/NDIC bankrolled the development of NAMBUIT to address cost of operation and assist MFBs to upscale in order to increase the financial inclusion in the country.

“Discussion and collaboration with Interswitch to provide solutions for CARDs on POS & ATMs, eWallets and instant transfers is being perfected.

“The NAMBUIT is built with User-friendly Interface, flexible processing control logic to aid decision making,’’ he said.

Dr Kabir Katata, the Deputy Director, Research Department of NDIC, also in a lecture, stressed the need for authorities and players to collaborate in order to accelerate the financial inclusion agenda.

He also called for improved digital infrastructure to achieve the plan