NDIC pledges to stabilise financial system

The Nigerian Deposit Insurance Corporation (NDIC) is committed to the stability of the country’s financial system, and has deployed means of ending bank failure in the country.

The Managing Director, Alhaji Bello Hassan, disclosed this, yesterday, at the ongoing 43rd Kaduna Trade Fair.
His words: “The primary public policy objectives of the corporation is to contribute to financial system stability by making incidences of bank runs less likely, while also protecting depositors by providing an orderly means of resolution and reimbursement in the event of bank failures.”

NDIC also assured of efforts to settle all depositors and shareholders of failed banks whose money were trapped in the liquidated financial institutions.

“From inception till date, NDIC has been living up to its mandate and public policy objectives of contributing to financial system stability. The corporation provides deposit insurance cover to Microfinance Banks (MfBs), Deposit Money Banks (DMBs), Non-Interest Banks (NIBs), Primary Mortgage Banks (PMBs), subscribers of Mobile Money Operators (MMOs) and to the recently licensed Payment Service Banks (PSBs),” stated the MD, who was represented by the Director of Communications and Public Affairs, Bashir Nuhu.

“Presently, each depositor of DMBs, NIBs, PMBs and subscribers of MMOs are insured up to N500,000 per bank in the event of failure; while the maximum insured coverage for MFBs depositors is N200,000 per bank.”