Post COVID-19: Senate pledges legislative support to NDIC to protect depositors’ money

The Senate Committee on Banking, Insurance and other Financial Institutions has said it will give more legislative support to the Nigeria Deposit Insurance Corporation (NDIC) in order to protect depositors’ money.

The assurance to protect depositors’ money was given at the end of a retreat participated by the Senate Committee on Banking, Insurance and Other Financial Institutions and the Nigeria Deposit Insurance Corporation (NDIC) held in Kaduna at the weekend.

According to the chairman of the committee, Senator Uba Sani who is representing Kaduna Central Senatorial District, the retreat with the theme, “Turning economic crisis to opportunities while ensuring deposits safety in Nigeria’s post-COVID-19 era,” was organised to look critically at the economy within the light of the devastating effect of COVID-19.

“The retreat, therefore, looked critically at the current state of the Nigerian economy in the light of the devastating impact of COVID-19 and the role NDIC must play to help stabilise the economy.

“Of particular interest to participants were the issues of how to ramp up financial inclusion in the country, fast-tracking the regulation of Financial Technology Companies (FINTECHS), ensuring that adequate safeguards are put in place before loans are granted in order to protect customers’ deposits.

“It is also intended to look at the spread of Micro-Finance and Mortgage Banks across the country in order to provide equal opportunities for Nigerians to access the stimulus packages for Micro, Small, and Medium Scale Enterprises.”

The retreat came up with actionable points on how NDIC can be very effective in carrying out its mandate and impacting on the Nigerian economy.

To this end, the Senate committee pledged to give NDIC all the legislative support it requires to succeed in its very important and strategic task of protecting depositors and guaranteeing payment of insured funds in the event of failure of insured institutions.

 

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