Depositors of failed banks may soon receive their funds faster as the Nigeria Deposit Insurance Corporation and the Nigeria Inter Bank Settlement System prepare to formalise a deeper partnership aimed at improving digital reimbursement processes.
The move was disclosed in Abuja during a meeting between NDIC management and a delegation from NIBSS, where both institutions reaffirmed their commitment to strengthening depositor protection through technology driven solutions. The planned agreement is expected to enhance coordination and enable quicker verification and payment of insured deposits when banks fail.
The News Chronicle understands that the proposed arrangement will allow better alignment of deposit records and electronic payment platforms, helping NDIC confirm eligible accounts in real time and reduce delays that often follow bank closures. The collaboration is also expected to widen payout options by leveraging existing digital channels across the financial system.
NDIC’s leadership highlighted the role of digital identity and payment infrastructure in previous reimbursement exercises, noting that recent bank resolutions demonstrated how technology can support seamless payouts, even under tight timelines.
NIBSS, in turn, reaffirmed its commitment to supporting Nigeria’s financial safety net through secure payment infrastructure and ongoing reforms designed to improve efficiency and public confidence. The organisation also stressed the importance of timely depositor compensation in sustaining trust in the banking system.
Once signed, the agreement is expected to mark a shift toward a faster, more responsive, and technology led depositor reimbursement framework in Nigeria.
