The National Assembly will map out strategies to further strengthen the Nigeria Deposit Insurance Cooperation (NDIC) and reposition it to contribute more effectively to the economic recovery efforts of the country, the chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has said.
Senator Sani stated this in his keynote address at the opening ceremony of a retreat of the committee with the NDIC with the theme; “Financial system stability, panacea for sustainable economic growth and development, the role of NDIC” holding in Kaduna.
Senator Sani said financial system stability reinforces trust in the banking system and healthy development of the economy, adding that it also ensures that individual financial institutions are sound enough to carry out their financial intermediation function adequately without assistance from external institutions including government.
“Economic growth and development cannot adequately be achieved without the complimentary efforts of the institutional frameworks of the financial system which NDIC is one of them, it is therefore imperative to ensure the existence of robust and positive relationship between the key players in the financial sector for the achievement of steady and sustainable economic growth and development” he said.
The managing director and chief executive officer of the NDIC, Mr Bello Hassan, said the government was keen to provide confidence in the financial system by putting in place financial safety nets to promote financial system stability and support economic growth and development.
He said the corporation in collaboration with key stakeholders had been proactive in managing the risks associated with cyber security, adding, “For instance, the NDIC in 2020 established a Fintech and innovation unit to effectively respond to the challenges of cyber threats among other challenges of the Fintech innovations.
NDIC board chairman, Mrs. Ronke Sokefun, said the corporation was actively collaborating and cooperating with all relevant stakeholders to effectively manage the ensuing operational risks and ensuring that the nation’s banking industry continues to be safe, sound and stable by effectively managing the risks associated with cyber attacks.