In order to improve failure resolutions, the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) is being actively promoted by the corporation’s managing director and chief executive officer, Mr. Bello Hassan, of the Nigeria Deposit Insurance Corporation (NDIC).
Earlier today, he made this statement at the keynote speech he gave at the Editors’ Forum, where the company brought together top editors from various media sources to discuss the “Deposit Insurance System (DIS) and Financial System Stability.”
He pointed out that another program aimed at MFBs, the Single Customer View (SCV) reporting template, would deal with difficulties posed by delays in the payment of their depositors in the event of their bankruptcy and dissolution of Microfinance and Primary Mortgage banks.
According to him, the Corporation in collaboration with the CBN adopted a risk-based approach to ensure that the monitoring of financial institutions provides a more nuanced assessment of the activities of the financial institutions based on certain risk indicators.
This ensures that any potential threats can proactively be flagged and appropriate regulatory/supervisory action taken. “The Corporation, in 2022 deployed the Single Customer View (SCV) reporting template to Microfinance and Primary Mortgage banks, in order to address challenges of delays in the payment of their depositors in the event of their failure and liquidation.”