The NDIC and NIBSS are linking up officially. Their goal is to make paying back bank customers way faster when a bank goes under. The heads of both agencies, Oludare Sunday from NDIC and Premier Oiwoh from NIBSS, talked about this partnership in Abuja.
The deal focuses on using digital systems to sync up deposit data in real time. This would let them verify accounts almost instantly if they need to. They also plan to use more payout options like mobile money, maybe even a dedicated NDIC app. The whole point is to move money to people quicker and with less hassle, something they tested when Heritage Bank failed by using BVN details to send cash to alternate accounts.
Both bosses agreed that this formal agreement is key to keeping public trust. Oiwoh said NIBSS is there to provide the tech backbone for a stable system, noting that quick repayments help everyone feel safer with banks. He also mentioned NIBSS is working with cops to protect the payment networks and trying to lower transaction fees.
The deal focuses on using digital systems to sync up deposit data in real time. This would let them verify accounts almost instantly if they need to. They also plan to use more payout options like mobile money, maybe even a dedicated NDIC app. The whole point is to move money to people quicker and with less hassle, something they tested when Heritage Bank failed by using BVN details to send cash to alternate accounts.
Both bosses agreed that this formal agreement is key to keeping public trust. Oiwoh said NIBSS is there to provide the tech backbone for a stable system, noting that quick repayments help everyone feel safer with banks. He also mentioned NIBSS is working with cops to protect the payment networks and trying to lower transaction fees.
