The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc. are set to formalise a partnership through a Memorandum of Understanding (MoU) aimed at ensuring faster and more efficient reimbursement of depositors in the event of bank failures.
The development was disclosed by NDIC Managing Director/CEO, Mr. Thompson Oludare Sunday, during a courtesy visit to the Corporation’s Abuja headquarters by the NIBSS Executive Management team led by its MD/CEO, Mr. Premier Oiwoh.
Sunday commended NIBSS for its long-standing support, particularly its role in driving digital verification processes via the Bank Verification Number (BVN) platform, which facilitated seamless payment to alternate accounts of depositors of the failed Heritage Bank Limited. He described NIBSS as a ‘reliable partner’ and said the MoU would solidify collaboration on depositor protection.
Key areas of the MoU include real-time synchronization of NDIC’s deposit registers and electronic records for swift account verification during bank resolution, expansion of disbursement channels to include Mobile Money Operators and a potential NDIC-branded mobile interface, and investment in Single Customer View (SCV) and interoperability infrastructure for instant validation.
Sunday praised NIBSS for reforming Nigeria’s payments system, mitigating financial fraud, and positioning it ahead of peers globally.
In response, Mr. Oiwoh reaffirmed NIBSS’s commitment to supporting NDIC’s mandate, emphasising that prompt depositor reimbursement enhances public trust and financial inclusion. He noted that NIBSS is working closely with law enforcement to safeguard the nation’s payment infrastructure while lowering transaction costs and reinforcing the stability of the financial system.
The partnership is expected to strengthen NDIC’s capacity to protect depositors, enhance operational efficiency during bank resolutions, and boost confidence in Nigeria’s banking and digital payments ecosystem.
