By Ginika Okoye
Thank you for reading this post, don't forget to subscribe!Lagos, Sept. 26, 2024 — The Nigeria Deposit Insurance Corporation (NDIC) has called on banks to adhere to regulatory requirements, particularly the use of Bank Verification Numbers (BVN), to ensure prompt payment of insured deposits in the event of a bank closure.
Speaking at a workshop in Lagos, Mrs. Pamela Roberts, NDIC Controller for the Enugu Zonal Office, highlighted that the absence of BVNs in some accounts has delayed the payment of insured deposits to depositors of the defunct Heritage Bank.
Since its inception, the NDIC has closed 651 financial institutions, including 50 Deposit Money Banks (DMBs), 55 Primary Mortgage Banks (PMBs), and 546 Microfinance Banks (MFBs).
The NDIC stressed the importance of accurate depositor documentation to avoid delays, with Roberts outlining new innovations such as the Single Customer View (SCV) and payment through the Nigeria Inter-Bank Settlement System (NIBSS) to expedite claims processing.
