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BUSINESS: NDIC ON CAPACITY BUILDING IN DEPOSIT INSURANCE SYSTEM ( D.I.S).

BUSINESS: NDIC ON CAPACITY BUILDING IN DEPOSIT INSURANCE SYSTEM ( D.I.S)

Nigeria Deposit Insurance Corporation (NDIC) has expressed more commitment to
addressing the issues of capacity building in Deposit Insurance System (DIS) in particular and depositors protection in general.

Managing Director and Chief Executive Officer of the NDIC, Bello Hassan at 2023 workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Owerri, Imo State explained that it is instructive that the Programme was aimed at sharing thoughts, knowledge and experience with critical stakeholders, with a view to defining a brighter and insightful future for the practice of DIS in Nigeria.

The NDIC Boss expressed optimism that with some of the issues to be put in perspective including: the adequacy of the deposit insurance coverage; developments in bank distress resolution; the role of technology in the future of deposit insurance; faster reimbursement of depositors in the event of bank failure; and, the roles of the media in promoting fintech in the banking system,the meaningful and constructive contributions to growth of the financial system are highly expected.

He reiterated the key focus of the Management Team under his leadership to scale up the deposit insurance framework; provide timely support to insured institutions as and when required; ensure faster and orderly resolutions of liquidated insured institutions; as well as assist the monetary authority in promoting the stability of the banking system.

With the Theme – Stock-taking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present, and Forecasting the Future, he said the commitment has not gone without yielding the desired results including among others, the introduction of the Single Customer View framework that has enhanced speedy payment of insured sums to depositors of closed banks; and,policy and framework on Alternative Dispute Resolution for out-of-court settlement.

According to him,
the Corporation has been
identified for various special recognitions and awards from credible bodies and institutions like :the Year 2021 and 2023 Overall Best Public Institution among 360 MDAs in the Independent Corrupt Practices and Other Related Offences Commission’s Ethics and Integrity Compliance Scorecard, and, First Position in the 2021 Transparency & Integrity Index, a public sector assessment by the Center for Fiscal Transparency & Integrity Watch.

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