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NDIC deepens engagement with Korea’s deposit insurer


[FILE PHOTO] Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim

The Nigeria Deposit Insurance Corporation (NDIC) is deepening its international engagements in a move to sustain best practices in the nation’s Deposit Insurance System (DIS), as it undertook a study and signed a Memorandum of Understanding (MoU) with the Korea Deposit Insurance Corporation (KDIC).

The MoU would cover a wide range of issues intended to facilitate the robust implementation of DIS in their respective jurisdictions, even as both institutions are key members of the International Association of Deposit Insurers (IADI).

At a ceremony in Seoul, South Korea, the Chairman and President of KDIC, WI Seongbak, and the Managing Director/Chief Executive of NDIC, Umaru Ibrahim, signed on behalf of their respective corporations.

Also, the ceremony was witnessed by the Chairman of the NDIC, Mrs. Josephine Ibironke Sokefun and some of other officials of the deposit insurer, who were on a study tour to the KDIC.


Both parties noted the increasing globalisation and complexity of large financial institutions and the unique challenges they portend for regulatory authorities.

They however, committed themselves to the promotion of communication, enhancement of existing levels of cooperation, provision of support, mutual understanding, and collaboration on areas related to the development of the deposit insurance systems in the two jurisdictions.

The MoU also provided for effective international working relationship between both agencies, along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.

Besides, there will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis towards enhancing mutual understanding that promotes the development of DIS in both Nigeria and South Korea.

Ibrahim described the study tour and MoU as a deeply rewarding experience, given the insight gained by both deposit insurers from the various technical sessions held during the visit.

The sessions covered topics such as supervisory early warning system, risk-based premium assessment system, public awareness strategies and consumer protection.

Other areas covered included deposit pay out processes, failure resolution, Korean Financial Industry Oversight Framework amongst others.

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