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Fintechs compound corporate governance, risk management challenges, says NDIC

By Anthony Otaru, Abuja
03 December 2021   |   3:03 am
The Nigeria Deposit Insurance Corporation (NDIC) has said the emergence of financial technologies (fintech) has brought new challenges

NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has said the emergence of financial technologies (fintech) has brought new challenges bordering on corporate governance and risk management.

NDIC said the challenges, including those emanating from digitisation, disrupt the payment and banking ecosystem. It said the task of ensuring the safety and stability of the nation’s banking sector has become more crucial for regulators.

NDIC Managing Director, Bello Hassan, said this, yesterday, at the opening ceremony of the 2021 NDIC retreat for the Senate Committee on Banking, Insurance and other Financial Institutions held at Zuma Rock Resorts, Suleja, Niger State.

At the retreat themed, ‘the Role of NDIC in Promoting an Effective Supervisory Framework in the Banking Sector’, Hassan told participants that banks could only perform their roles effectively when they are healthy, safe and sound.

He said: “The corporation, guided by developments on global bank regulation and supervision, has continued to collaborate with other key stakeholders to strengthen the regulatory/supervisory frameworks to promote confidence and ensure safety and stability of the nation’s banking sector.”

He explained that the Corporation has come up with supervisory measures for digital banks.

He assured that the Corporation would continue to engage and cooperate with relevant stakeholders, including the National Assembly, to address issues that are germane to the sustenance of the safety and stability of banks.

The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator, Uba Sani, said the opportunity presented by the retreat was a good way of breathing life into the operations of the banks and repositioning them for efficient service delivery.