How NDIC is implementing financial inclusion- MD

How NDIC is implementing financial inclusion- MD

By Joel ThankGod & Udeme Clement

The Managing Director of Nigeria Deposit Insurance Corporation, NDIC, Mr Umaru Ibrahim has declared that the Corporation is implementing National Financial Inclusion Strategy through  public awareness and different activities designed to achieve its objective.

The NDIC boss made this assertion at the International Trade Fair, with the theme, ‘Enhancing SMEs in Agribusiness through Innovative Technology’, in Abuja, stressing the importance of financial inclusion in economic growth and development.
According to him, “Some of the activities, which the Corporation is using to promote financial inclusion include World Savings Day, promotion of financial literacy among youths in schools, the use of television, as well as radio jingles. Others include, workshop for Business Editors and Financial Correspondents.
The NDIC boss during his speech commended Abuja Chamber of Commerce and Industry, ACCI, on the theme of the Fair, which he described as appropriate, even as he pledged the Corporation’s support to the development of SMEs in the country.
His words, “The theme of this Fair could not have been more apt, given the determination of the current government to achieve inclusive economic growth, especially through development of agriculture”.
He went on, “As key player in the Nigerian financial system, NDIC is resolute in its determination to complement the roles of other regulators”.
He added, “We would ensure that soundness and stability required to support agro-based small and medium enterprises are provided.’’
Umaru further 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 Central Bank of Nigeria, CBN for effective supervision of banks, offering timely resolution of distressed financial institutions.
He explained, “When different resolution measures fail, NDIC liquidates failed banks and ensures prompt payment of all insured deposits. For instance, the Corporation as at December 31, 2017, paid about N11.50 billion to depositors, creditors, shareholders and other stakeholders of closed financial institutions in the country.
“Also, the Corporation collaborates with the Apex bank to ensure financial system stability.  The Corporation made a cumulative recovery of N28.84billion from debtors of failed banks and N21.85 billion from disposal of physical assets of closed banks as at Dec.31, last year”.