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The Nigeria Deposit Insurance Corporation (NDIC) has said that it plays a critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS) through the provision of deposit insurance coverage to depositors of licensed banks.
Director, Communication & Public Affairs Department (NDIC) Bashir A. Nuhu, in a statement Tuesday in Abuja noted that the NDIC’s activities through the supervision of banks, not only enhances depositors’ confidence in the financial system, but also serves as incentive to the unbanked to access financial services of the licensed banks.
The Corporation has also been at the forefront of the implementation of the NFIS in Nigeria as a member of the National Financial Inclusion Governance Committee headed by the Central Bank of Nigeria (CBN).
According to the statement, the Corporation is also part of the efforts to further enhance the attainment of national financial inclusion targets as the National Financial Inclusion Governance Committee sets to host the maiden International Financial Inclusion Conference 2022 scheduled to take place between the 24th and 25th of November 2022 in Abuja, Nigeria, with the theme “Financial Inclusion for all: Scaling Innovative Digital Models”.
The conference is the first to be held since the launch of the NFIS in 2012.The NFIS set the target of reducing the percentage of adult Nigerians that do not have access to financial services from 46.3% in 2010 to 20.0% in 2020.
The statement explained that since the launch of the NFIS, stakeholders have achieved great strides in achieving financial inclusion objectives which has resulted in the exclusion rate dropping from 46.3% in 2010 to 35.9% in 2020.
“The Corporation has contributed significantly to the Nation’s financial Inclusion objectives through provision of deposit protection to all licensed deposit taking institutions via its deposit insurance.
“It is important to note that quite a number of the financially excluded individuals failed to join the formal financial system due to fear of possible loss of their savings from bank failure which the deposit insurance of the NDIC addresses.”
