NDIC :The strides of a Successful Brand
The recent timely payment to customers of Defunct Heritage Bank by the Nigerian Deposit Insurance Corporation. (NDIC) is a big toast the NDIC Brand- its personality, identity, reputation ,perception and more.
The settlement is perhaps, the speediest in its history compared to the 20 banks it liquidated previously. The Heritage Bank liquidation story began from June 3,2024, when the Central Bank of Nigeria invited NDIC. It started verification and within four days of the bank’s closure, it started reimbursement of customers; using BVNs to locate depositors alternate accounts and within two months, NDIC said it has reimbursed 84.36 percent of the total insured deposits of those whose balances exceeded N5million.The remaining 7.64 percent of insured deposits yet to be paid belong to accounts with post no debits(PND) instructions, no BVN or no alternate accounts in other banks.
The corporation contacted depositors directly for verification just as it threw its offices open for those who would like to come for it or do so online at www.ndic.gov.ng/claims.
This is very significant and also a toast to BVN which aided or facilitated a veritable departure from what NDIC used to do – spending years to liquidate a bank. By this speedy and transparent approach, NDIC Management has indeed, reinforced the brand – its uniqueness, mission, values and narrative. This has surely improved on how its services are felt and perceived by those who experienced it – the banking and general public.
With the Heritage experience, the first bank , to collapse after the CBN’s stringent measures, the NDIC brand has demonstrated that it is alive to its purpose namely:
“To protect depositors and contribute to the stability of the financial system through effective supervision of insured institutions, provision of financial/technical assistance to eligible insured institutions, prompt payment of guaranteed sums and orderly resolution of failed insured financial institutions”
More specifically, the Corporation” supervises banks so as to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system”.
Today, it is on record that NDIC has fully liquidated 20 banks and invited depositors to come forward for their claims settlement. It has paid over N113. 2 billions to failed banks depositors as at 2022. This and 2023 activities should be added to the 84.16 percent of the heritage bank in 2024.
The brand, has by this record, demonstrated reasons to be the highly regarded and perceived by failed banks depositors ,as valuable , available, sincere, competent, reliable, successful, efficient and rugged.
Although an independent body, it is a government monopoly of sorts, having been granted exclusive rights to offer insurance to the banking sector. The management of the corporation has highlighted a value proposition to its target public; demonstrating a strong personality.
From all indications, the NDIC brand is led by a strong Chief Executive, in the Person of Hassan Bello, FCA, and a boardroom managed by marketers with a buy- in into the dream of all stakeholders. Feelers from the corporation showed that the management has deployed expertise, creative thinking and motivation to fast track the heritage assignment. By using creative thinking skills, the management determined flexibly and imaginatively the best approach tackle the assignment; using an inner passion to solve the problem at hand.
Through a cycle of planning, monitoring, effectiveness, productivity measures, the resultant effect is the speed and a vote for the team work , performance, track progress and measure of success of various initiatives.
NDIC will continue and endure as a solid brand, one that is too big to fail with the quantum of resources it has, hence no bank under its watch is expected to fail. But if anyone fails, the depositors of such bank will be fully covered. The corporation has insured universal bank deposits under what it called, Deposit Insurance Funds (DIF); Non Interest Banks Depositors are covered by (NIDIF )while Micro Finance Banks and Primary Mortgage Institutions are covered by Special Institutions Insurance Funds (SIIF).
NDIC is so elevated a brand that has created trust and credibility that gives its business a professional edge. Bank depositors will always turn to it for rescue – a hallmark of a successful brand
About The Author
