Introduction of SCV framework enhances speedy payment of closed banks depositors – Hassan

Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr Bello Hassan has said that the introduction of    the   Single   Customer   View   (SCV) framework has enhanced speedy payment of insured sums to depositors of closed banks.

Hassan who disclosed this in Lagos over the weekend at the Business editors forum said the Corporation has also put in place policy and framework for out-of-court settlement which had enabled it resolve some hitherto protracted failed bank litigations.

He said that  enhancement of collaboration with the bar and bench, has led to speedy prosecution and more informed judgments on failed banks cases, including resolution of long-drawn cases of closed banks  such   as Fortune and  Triumph   Banks   in-liquidation; 

He said the operations of corporations which focuses on minimising bank runs and bank failures through strict banking supervision, reimbursement of insured depositors in the event of bank failure, and orderly liquidation of failed banks, complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system. He said it is part of its mandate to support the fiscal authority in maintaining stability within the broader financial   system, serving as the foundation for economic growth and development.

The NDIC boss said the Corporation vast experience at the forefront of deposit insurance practice in Africa coupled with the it’s resilience in the face of challenges and threats is based on the NDIC’s relentless efforts to achieve its vision, “To be one of the best deposit insurers in the world”.