The Nigeria Deposit Insurance Corporation (NDIC) has launched into re-strategising programmes to enhance its regulatory and supervisory features in the banking trade.
The Corporation on the weekend in Lagos engaged the chairman and members of the Senate Committee on banking, insurance coverage and different Financial establishments, on a retreat with the theme: “Deposit Insurance in Nigeria: Re-strategizing for Tomorrow”.
At the retreat, the Corporation shared with the Senate committee a number of the measures it has taken to strengthen the deposit insurance coverage system in the nation.
The measures in accordance to Bello Hassan, managing director/chief government, NDIC, embrace the migration to Differential Premium Assessment System (DPAS) from the flat-rate technique of assessing and gathering premium with a view to aligning the pricing of deposit insurance coverage to the danger profile of particular person banks and the collaboration with the CBN to shift from the compliance-based examination to Risk Based Supervision (RBS).
“It is also instructive to indicate that the NDIC is keenly involved in ensuring adherence to corporate governance principles in the banks,” he stated.
Represented by Mustapha Mohammed Ibrahim, government director (Operation) NDIC, he stated the goal ratio was additionally developed to guarantee operational readiness in deposit insurance coverage assure, whereas deposit insurance coverage cowl has been reviewed upward time beyond regulation in response to altering deposit distributions in the banks.
“Our world, as we know, is rapidly changing. Innovations and threats to existing models of business, regulation and supervision are manifesting in our operations. Regulators in financial systems across the globe are also brainstorming on fresh ideas to ensure that the financial system remains resilient, sound and stable so as to continue to play its supportive role in the economy,” he stated.
The NDIC is subsequently not not noted in re-strategising to enhance its operations, he added.
The managing director famous that the Corporation has enhanced collaboration with related stakeholders just like the National Assembly, Federal Ministry of Finance, Budget and National Planning, the Judiciary and the CBN on virtually all related actions.
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According to him, the Corporation can be lively on the worldwide scene, and has launched into sturdy collaboration and cooperation with different deposit insurance coverage businesses and world our bodies, notably in the world of information and knowledge sharing.
“The aim of these efforts is to effectively address the technological, legal, regulatory, and supervisory challenges facing the deposit insurance system,” he stated.
Speaking on the retreat, Uba Sanni, chairman, Senate committee on banking, insurance coverage and different Financial establishments, stated the Committee in its efforts in direction of frequently partaking crucial stakeholders in the monetary and banking sectors collectively organises retreats of this nature for dialogue and painstaking evaluation on a variety of points whose consequence can be of nice profit to the sectors and the Nigerian financial system at giant.
“Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required. Jt helps in injecting fresh ideas into our operations which will materialize into an improved, effective and efficient service delivery to Nigerians,” Sanni, who was represented by Olubunmi Adetunbi, senator, stated.