Senate, NDIC set agenda for economic revival

Senate Committee on banking and other financial institutions and The Nigeria Deposit Insurance Corporation (NDIC) has set agenda for economic revival in Nigeria during a retreat held in Kaduna.

Senator Uba Sani, the Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions said the retreat with the theme ” Turning economic crisis to opportunities while ensuring deposits safety in Nigeria’s post COVID-19 era”, 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 stabilize 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 and the even 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,” Uba Sani said.

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.

On its part, 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.



Source: Voice of Nigeria