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Microfinance Banks are safe, patronise them —NDIC

The Nigeria Deposit Insurance Corporation (NDIC), has advised depositors to patronise the existing Microfinance Banks (MFBs) in the country, saying they are safe for operations.

Microfinance Banks are safe, patronise them —NDIC
Nigeria Deposit Insurance Corporation

The Managing Director of NDIC, Alhaji Umaru Ibrahim, represented by Dr. Sunday Oluyemi, the Director, Communication and Public Affairs, said this while fielding questions from newsmen at a news conference to mark the corporation’s 30th anniversary.

Ibrahim said in Abuja on Friday, that the corporation had deployed examination strategies to ensure the mitigation of risks faced by microfinance banks across the country.

“ Microfinance banks are very safe, you can patronise them and a number of them are big players.

“Some of them work out loans fast. We are concerned about the risks they are exposed to so, we have deployed an examination strategy to ensure that their risks are mitigated,’’ he said.

The managing director noted that the corporation in collaboration with the Central Bank of Nigeria (CBN) was funding the establishment of the National Association of MFBs Unified Information Technology (NAMBUIT).

He noted that the unified information technology would ensure that depositors used Automated Teller Machine (ATM) cards and other technologies to access their accounts.

Ibrahim assured stakeholders in the banking sector of the corporation’s readiness to ensure stability in the system in line with its core values of honesty and professionalism.

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