The Nigeria Deposit Insurance Corporation and the Nigeria Inter-Bank Settlement System have concluded plans to digitise the reimbursement of depositors in the event of bank failure, aiming to improve speed and efficiency of payouts.
NDIC Managing Director Thompson Oludare Sunday disclosed this during a courtesy visit by the NIBSS executive management team led by Premier Oiwoh. Sunday commended NIBSS for supporting digital verification, including BVN deployment, which enabled payments to depositors of the failed Heritage Bank Limited.
“You have been a reliable partner… Without NIBSS’s support, it would have been difficult to achieve the milestone we attained… That is why it is important for us to concretise our partnership through this MoU,” Sunday said, adding that the collaboration will enhance depositor protection and confidence in the banking system.