Stories by Amaka Ifeakandu
Lagos
The Nigeria Deposit Insurance Corporation (NDIC) has expressed the need to revamp the nation’s educational system to ensure that students acquired the needed skill after graduating from institution of higher learning. The Director, Special Insured Institutions Department of the NDIC, Etopidioka Josua James who made this call at Lagos State NYSC camp in Lagos said that the corporation is working towards ensuring that financial inclusion is added to education curriculum of higher institutions.
He said that the Corporation is doing its best to ensure financial inclusion get to schools, market
places as well as through the media.
Urging corp members to ensure that they are financially informed and imbibe the habit of saving their money or investing wisely, he said that this would go a long way to reduce the number of people that are financially excluded. He assured stakeholders that their deposits in the nation’s commercial banks are safe and insured by NDIC.
He said “NDIC is very much interested in empowering Nigerians in the area of financial inclusion.
And one way we can do that effectively is by creating public awareness, and we want to do that with as many strata as possible especially those in the youth age that is the corpers. So as to make sure that they are financially informed and sound in order to reduce the quantum of the financial excluded which was put at 39.5 per cent as at November, 2014.
Etopidioka said that while the NDIC undertakes payments based on the information available on the records of the failed insured deposits takings financial institutions, depositors are requires to file claims through the completion of relevant forms provided by the Corporation to prove ownership.
He said that under the NDIC Act No 16 of 2006, the NDIc is required to pay the depositors the insured money within 90 days of the revocation of the banking licene of the failed institution.
He said that NDIC pays depositors claims through periodic premium contributed by insured financial institution, adding that the funds are used to meet the primary obligations of the Corporation in the form of payment of guaranteed sums and provision of the financial assistance to eligible insured institutions.