The retreat of the Senate Committee on Banking, Insurance and Other Financial Institutions, held in Kaduna with the Nigeria Deposit Insurance Corporation (NDIC), has been described as a huge success.
Its Chairman, Senator Uba Sani, who represents Kaduna Central Senatorial District, said this in Kaduna.
According to him, the retreat with the theme, “Turning economic crisis to opportunities while ensuring deposits safety in Nigeria’s post COVID-19 era”, looked critically at the current state of the Nigerian economy in the light of the devastating impact of COVID-19 and the role NDIC must play to help stabilize the economy.
“Of particular interest to participants were the issues of how to ramp up financial inclusion in the country, fast-tracking the regulation of Financial Technology Companies (FINTECHS), ensuring that adequate safeguards are put in place before loans are granted in order to protect customers deposits and the even spread of Micro-Finance and Mortgage Banks across the country in order to provide equal opportunities for Nigerians to access the stimulus packages for Micro, Small, and Medium Scale Enterprises,” Uba Sani said.
The retreat came up with actionable points on how NDIC can be very effective in carrying out its mandate and impacting on the Nigerian economy.
On its part, the Senate committee pledged to give NDIC all the legislative support it requires to succeed in its very important and strategic task of protecting depositors and guaranteeing payment of insured funds in the event of failure of insured institutions.