The total deposit liabilities of all the Deposit Money Bank, DMBs, in the country amounted to N17.3 trillion as at December 2015, the Managing Director of Nigeria Deposit Insurance Corporation, NDIC, Umaru Ibrahim has disclosed.
He also stated that of the total amount, which had 67 million depositors tied to it, the corporation had provided over 90 percent of insurance coverage.
Speaking in Jos, during a lecture titled: “NDIC and Engendering Confidence in the Financial Services Sector for Poverty Reduction and Economic empowerment” which was organised for participants of Executive Course No 38, 2016 at National Institute for Policy & Strategic Studies Kuru, he also said a total of N165.5 billion which belonged to 8.4 million depositors of microfinance banks (MFBs) as well as N73.71 billion linked to 0.73 million depositors of primary mortgage banks (PMBs) were further covered by over 95 percent.
Umaru noted that by these interventions, among others, the corporation had contributed to poverty reduction as it focused on deposit guarantee and protection of depositors’ interest.
Furthermore, the NDIC boss has hinted that the corporation is currently considering the introduction of electronic deposit payment system to facilitate depositor payout within the shortest possible time.
The NDIC boss also suggested the re-establishment of Nigeria Savings Bank to expand the frontiers banking system in the country.
He said the desire to effectively use post offices and leveraging information and communication technology (ICT) to facilitate financial intermediation would not only mobilise savings but also give access to credits.