The Nigeria Deposit Insurance Corporation (NDIC) has urged bank depositors to ensure accuracy and consistency of their information/data across banks.
According to the corporation, the aim is to accelerate payment of their insured deposits in the event of banks failure.
Mr. Thompson Sunday, the Managing Director of NDIC, said this during the Corporation’s special day at the 21st Abuja International Trade Fair in Abuja on Wednesday.
Sunday, represented by Mr. Imade Uhunmwagho, the Director, Information and Technology of NDIC, said that accurate depositors’ information would facilitate the payment of insured deposits in banks failure.
The managing director said the information should also be properly linked to the Bank Verification Number (BVN).
He said that with the deployment of technology, depositors no longer needed to endure the inconveniences of visiting failed banks premises or NDIC offices for routine physical verification.
Sunday urged depositors to keep their monies in licenced and regulated financial institutions.
The managing director regretted that many Nigerians still kept substantial funds outside the formal banking system or entrust their savings to unlicensed fund managers.
He said the Corporation had inaugurated an upgraded website as a one-stop digital gateway for depositors and other stakeholders.
”The proliferation and collapse of Ponzi schemes have demonstrated time and again the enormous financial and emotional cost of placing hard-earned resources in unregulated schemes.
”If an investment promise sounds too good to be true, Nigerians should pause, ask questions and verify before committing their money.
”Still as part of our commitment to making depositor protection more accessible, transparent and convenient, the Corporation inaugurated an upgraded website.
”We are also transforming the way depositors are reimbursed.
”Through the deployment of technology, including BVN, Single Customer View (SCV), NIBSS infrastructure and other digital solutions, the Corporation has moved from cumbersome, manual processes towards faster and seamless reimbursement.
”Today, verified depositors of failed banks receive their insured deposits within days of bank closure,” he said.
Sunday advised depositors, creditors and shareholders of closed banks to make use of the Corporation’s digital platforms when processing their claims.
Mr Jideani Agabaidu, the Director-General of Abuja Chamber of Commerce and Industry (ACCI), commended NDIC for their support of the chamber’s activities over the years.
Agabaidu was represented by Mr Peter Ozoagu, an official of the chamber.
