NDIC Strategises on Emerging Issues in Banking Industry, Depositors Safety

The Nigeria Deposit Insurance Corporation (NDIC), said it would develop strategies to address emerging issues affecting the performances of banks to protect depositors.

Alhaji Umaru Ibrahim, managing director, NDIC, disclosed this during the 2013 retreat for NDIC Board of Directors in Abuja.

``Today, the banking system in Nigeria is relatively stable and sound as recently attested to by the performance of most of the deposit money banks and comments of major international credit rating agencies. We therefore cannot afford to fail or slip back. We have to look forward, reflect and develop strategies to address emerging issues and challenges which affect the future performance of the banking system. We must also prepare for the attendant consequences of depositor protection, supervision and regulation,’’ he said

He listed some of the issues to include sustainable banking, financial inclusion, new disclosures and reporting policies.

Others issue identified were the enhancement of the payment system and development of the capital market.

He said keeping track of recent developments in the country’s financial system and understanding certain policies at different points would help in decision making.

Dr Hassan Wakili, chairman of the board of directors, said the retreat would avail participants the opportunity to rub minds and generate new ideas on how best to move the corporation forward.

He added that it would also provide an opportunity for capacity building for the purpose of improving participants’ performance.

``I want to assure you that we are committed to putting in place policies and measures that would ensure that the NDIC achieves its statutory mandate in line with the confidence reposed on it,’’ he said.