By Bashir Mohammed
Kano
Managing Director and Chief Executive Officer, Nigerian Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has said that the Corporation was out to ensure the safety and stability of Financial Institutions.
According to him, that depositor remains the priority of the NDIC as its mandate was focused on the protection of their deposits.
Speaking at the NDIC Special Day at the on-going 38th International Trade Fair in Kano yesterday, Ibrahim said the NDIC had continued to be at the forefront of implementing the National Financial Inclusion Strategy to reduce the number of adult Nigerians that “do not have access to financial services.”
He said the Central Bank of Nigeria had disbursed the sum of N2 billion micro-credits through the micro finance banks on September 5, 2016 to 20, 000 qualified loan beneficiaries across all the 44 local government areas of Kano, 60% of which were expected to be women.
He said depositors were required to register for the bank Verification Number (BVN) which was a compulsory biometric identification system by the CBN to reduce illegal banking transactions in Nigeria.
Ibrahim said the BVN records the physical features of the individual such as finger prints and facial features and assigned them to a number that enabled every account owner across the banking system to be identified.
He further revealed that the NDIC had continued to stress the need for depositors to patronise only financial institutions that were licensed by the CBN and “which display the NDIC sticker.”
