NDIC reiterates commitment to deepen financial inclusion in Nigeria

The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to deepen financial inclusion in the country.

The corporation’s Managing Director , Mr Umaru Ibrahim made this known at the NDIC’s Special Day at the ongoing Abuja International Trade Fair.

The theme of the fair is, “Enhancing SMEs in Agribusiness through Innovative Technology”.

Umaru said the corporation was implementing the National Financial Inclusion Strategy by adopting various public awareness activities to achieve its purpose.

He named some of the activities to include World Savings Day, promotion of financial literacy among youths in secondary schools, TV and Radio jingles and workshop for Business Editors and Financial Correspondents.

While commending the Abuja Chamber of Commerce and Industry (ACCI) on the theme of the fair, Umaru pledged NDIC’s support to the development of small businesses in the country.

“The theme could not have been more apt, given the determination of the current administration to achieve inclusive economic growth, especially through the development of agriculture sector.

“As key player in the Nigerian financial system, the NDIC is resolute in its determination to complement the roles of other regulators and institutions.

“We will ensure that the soundness and stability required to support agro-based small and medium enterprises is provided.’’

Umaru restated NDIC’s commitment to protect bank depositors and promote public confidence in the financial system.

He described NDIC as a corporation that minimises risk, protects depositors by collaborating with the CBN for effective supervision of banks, offering timely resolution of distressed financial institutions.

According to him, when various resolution measures fail, NDIC liquidates the failed banks and ensure prompt payment of all insured deposits.

He said that the corporation as at Dec. 31, 2017 had paid N11.50 billion to depositors, creditors, shareholders and other stakeholders of closed financial institutions.

The NDIC boss said that the corporation was also collaborating with the CBN to ensure financial system stability in the country.

He said that the corporation had made a cumulative recovery of N28.84billion from debtors of failed banks and N21.85 billion had been realised from disposal of physical assets of closed banks as at Dec.31, 2017.