The Nigeria Deposit Insurance Corporation (NDIC) said it has developed a Single Customer View (SCV) platform to be deployed to microfinance banks (MFBs) to eliminate delays often experienced in reimbursing depositors following revocation of failed MFBs licences by the Central Bank of Nigeria (CBN).

Managing Director/Chief Executive of the Corporation, Bello Hassan, disclosed this while receiving executive members of the National Association of Microfinance Banks (NAMB) on a courtesy visit to the NDIC Management in Abuja.

According to the NDIC boss, the corporation introduced the Single Customer View platform in order to strengthen its processes. He said the platform would not only ensure rendition of quality, timely and complete data to NDIC by MFBs but also give the complete position of depositors’ data at any given time, which would go a long way in enhancing prompt reimbursement in case of bank failure.

The MD, however, said the corporation would expose the template for the platform to the association with a view to garnering additional inputs towards optimising the noble innovation.

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He charged the association to promote the adoption of sound risk management practices by its members, stressing that it is key to the maintenance of a safe and sound MFB sub-sector.

The President of NAMB, Yusuf Gyallesu, lauded the corporation for its continued collaboration with the association and its members in strengthening microfinance bank operations in the country. He recalled NDIC’s contribution towards the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) and continuous capacity building for operators amongst other support that the Corporation had given to the association.

The President disclosed the establishment of a Monitoring and Evaluation Department by the Association aimed at promoting sound practices through self-regulation among MFB operators and called on the Corporation to assist in strengthening the operations of the new department.