NDIC resolutelty committed to keeping the financial system safe and sound – Bello Hassan

Odimmegwa Johnpeter/Abuja

The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan has stated that the NDIC in collaboration with other safety net players, is resolutely committed to keeping the financial system safe and sound, not only to bolster confidence but to strongly serve its role of intermediation in support of the AFCFTA implementation in particular, and the economy in general.

The NDIC boss stated this in his speech at the NDIC Special Day at the on-going Kano International Trade Fair. Hassan noted that the Corporation has always demonstrated strong and unwavering commitment to its depositor protection mandate through deposit guarantee, banking supervision in collaboration with the Central Bank of Nigeria (CBN), failure resolution and banking liquidation.

His words: ” in line with our public policy objectives of protecting small and less sophisticated depositors, the Corporation has continued to strengthen its consumer protection mechanism towards effective resolution of complaints made to it over transactions with insured institutions.

I am happy to inform you that between January and November 2022, the Corporation has successfully resolved 248 complaints and helped depositors recover over N8.3billion from their respective banks. The complaints bordered on unauthorized withdrawals which accounted for the highest number of 190 cases; POS issues which accounted for 33; charges/fees/fraud issues and others which accounted for 25″.

According to Hassan, the NDIC complaints resolution platforms which receive and process complaints from depositors include the Toll-Free Help Desk Line (080063424357); Help Desk Emails: [email protected]; [email protected]; Complaint Desk in Special Insured Institutions Department: [email protected]; the Zonal Offices and our social media handles: @NDICNigeria.

While all our complaint platforms are active and effective, we have observed that over 95, representing 38.3% of total 37.7% through our other platforms. However, we like to encourage all depositors and other bank customers to continue to avail themselves of the opportunities provided by ALL our complaint channels towards resolving issues with their insured institutions.

We also like to call on depositors of banks in-liquidation to continue to utilize the same platforms to file their claim to the Corporation for reimbursement”. The NDIC helmsman thereafter thanked the organizers of the trade fair, the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA). He said: ” I like to congratulate the President, other Executives and entire members of the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) on yet another enviable feat that underpins this year’s trade fair.

Further to the perfect organization, the Chamber has, once again, demonstrated its commitment to supporting government unleashing the nation’s economic potentials through collaboration on key policies and programmes.

This is demonstrated in the theme of the Fair: Unlocking AFCFTA for Nigeria Economic Growth and Development. It is a delight that this theme resonates with the mandate, vision and mission of our Corporation which centres on protecting depositors and contributing to the stability of the financial system.

It is no gainsaying the fact a safe, sound and stable financial system is a pivot on which the wheel of economic growth and development revolves. The NDIC, in collaboration with other safety-net players, will therefore continue to be resolutely committed to keeping the financial system safe and sound”.