The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to formalise a strategic partnership aimed at ensuring faster and more efficient reimbursement of depositors in the event of bank failures.
The development was disclosed by the Managing Director and Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, during a courtesy visit by the NIBSS Executive Management team to the corporation’s headquarters in Abuja. The delegation was led by the Managing Director and CEO of NIBSS, Mr. Premier Oiwoh.
According to Sunday, the proposed Memorandum of Understanding (MoU) will institutionalise collaboration between both organisations, particularly in the area of depositor protection and bank resolution.
He commended NIBSS for its long-standing support to NDIC, especially its role in strengthening digital verification processes through the Bank Verification Number (BVN) platform. He noted that this infrastructure enabled seamless payment of insured deposits to alternate accounts of customers of the failed Heritage Bank Limited.
Sunday described NIBSS as a “reliable partner” and said the MoU would further deepen cooperation in safeguarding depositors’ funds and enhancing the efficiency of reimbursement processes.
Key areas covered by the MoU include real-time synchronisation of NDIC’s deposit registers and electronic records to enable swift account verification during bank resolution, as well as the expansion of disbursement channels to include Mobile Money Operators. The agreement also explores the possibility of deploying an NDIC-branded mobile interface for faster and wider access to insured deposits.
Other components of the partnership include investments in Single Customer View (SCV) solutions and interoperability infrastructure to ensure instant validation of depositor information and reduce delays in reimbursement.
Sunday praised NIBSS for its contributions to reforming Nigeria’s payments system, reducing financial fraud and positioning the country’s digital payment infrastructure competitively on the global stage.
In his response, NIBSS MD/CEO Mr. Premier Oiwoh reaffirmed the company’s commitment to supporting NDIC’s mandate, stressing that prompt reimbursement of depositors is critical to maintaining public trust, financial stability and inclusion.
He disclosed that NIBSS is working closely with law enforcement agencies to protect Nigeria’s payment infrastructure, while also driving initiatives to lower transaction costs and strengthen the resilience of the financial system.
The planned partnership is expected to enhance NDIC’s operational efficiency during bank resolutions, improve depositor experience, and further boost confidence in Nigeria’s banking and digital payments ecosystem.
