The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to formalise a partnership aimed at improving the speed and efficiency of depositor reimbursement in the event of bank failures.
The Managing Director/Chief Executive of the NDIC, Thompson Oludare Sunday, says the planned collaboration will be sealed through a Memorandum of Understanding (MoU).
According to a release signed by Hawwau Gambo, Head, Communication & Public Affairs Department, the NDIC boss disclosed this during a courtesy visit by the NIBSS Executive Management team, led by its Managing Director/Chief Executive, Premier Oiwoh, to the NDIC Head Office in Abuja.
Sunday commended NIBSS for its long-standing partnership with the Corporation, noting that its technological support has been critical to the NDIC’s mandate of depositor protection and the promotion of public confidence in the banking system.
He cited the role of the Bank Verification Number (BVN) platform in enabling the seamless payment of insured deposits to customers of the defunct Heritage Bank Limited through alternate bank accounts.
According to him, the proposed MoU would formalise existing cooperation and expand collaboration in key areas, including real-time synchronisation of NDIC deposit registers and electronic records for faster verification of eligible accounts during bank resolution.
Other areas include the expansion of disbursement channels to accommodate Mobile Money Operators (MMOs), the possible deployment of an NDIC-branded mobile interface, and investment in Single Customer View (SCV) and interoperability infrastructure to support instant validation when banks fail.
The NDIC CEO also praised NIBSS for its reforms of Nigeria’s payments system, describing its contributions to fraud mitigation and system efficiency as globally competitive.
In his response, Oiwoh thanked the NDIC leadership for sustaining a partnership focused on ensuring a safe and efficient payments ecosystem.
He reaffirmed NIBSS’s commitment to supporting the Corporation’s depositor-protection mandate, stressing that prompt reimbursement during bank failures is vital to maintaining public trust and advancing financial inclusion.
Oiwoh disclosed that NIBSS is working closely with law-enforcement agencies to strengthen the security of the national payments infrastructure, while also investing in measures to reduce transaction costs across its platforms.
The MoU, when signed, is expected to deepen digital integration between both institutions and deliver a more responsive, technology-driven framework for depositor reimbursement, reinforcing confidence in Nigeria’s financial safety-net system.
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