The Nigeria Insurance Corporation has confirmed the reimbursement of depositors from 179 defunct microfinance and four mortgage banks nationwide. Dr. Bello Hassan, the Managing Director of the NDIC, conveyed this information during the NDIC Special Day at the ongoing 45th Kaduna International Trade Fair on Thursday.

Represented by Hauwa Gambo, the NDIC’s Deputy Director of Communication, Hassan reiterated the corporation's commitment to safeguarding the funds of depositors in distressed licensed banks. He further highlighted that, in the fulfillment of its statutory duties, the corporation has implemented the Single Customer View framework to facilitate prompt payments to depositors of liquidated banks.

He mentioned that the NDIC has strengthened its partnership with the judiciary to expedite the prosecution of failed insured banks, leading to the resolution of prolonged cases involving the liquidation of banks like Fortune and Triumph Banks.

Hassan noted that these endeavors have markedly increased the debt recovery rate, allowing the corporation to declare 100 percent liquidation dividends to uninsured depositors of over 20 deposit money banks.

He remarked, "Safeguarding Nigerian depositors is our foremost concern at NDIC. We are committed to shielding depositors' funds from the negative impacts of bank failures. The corporation has implemented the Single Customer View framework to accelerate payments to depositors of shuttered banks."

The corporation has strengthened its partnership with the judiciary to expedite the prosecution of failed insured institutions, resulting in the resolution of prolonged cases involving the liquidation of banks such as Fortune and Triumph Banks. Additionally, alternative dispute resolution mechanisms and out-of-court settlements have been employed to revitalize liquidation activities, significantly enhancing the debt recovery rate. This success has enabled the declaration of 100 percent liquidation dividends to uninsured depositors of more than 20 deposit money banks currently in liquidation.

Furthermore, compensation has been promptly provided to clients affected by the closure of 179 microfinance banks and four primary mortgage banks, with the NDIC utilizing digital remote payment strategies for electronic funds transfers to verified depositors' alternate bank accounts.

To address the disinterest among depositors with small balances, Hassan highlighted the launch of the 'Deposit Tracer' initiative in collaboration with mobile operators. This initiative allows depositors to access their unpaid balances through mobile accounts.

Hassan urged depositors of banks in liquidation to take advantage of the various initiatives implemented by the corporation to claim their funds trapped in closed banks.