NDIC To Insure Non-bank Deposits Taking Institutions

The Nigeria Deposit Insurance Corporation has said that it is trying to identify and provide insurance cover for non-bank deposit taking institutions.

The Managing Director/Chief Executive Officer, NDIC, Umaru Ibrahim, said this during a workshop for journalists in Kaduna on Thursday.

He said, “There are two main concerns for the corporation on fintech: these are how to identify and insure non-bank deposit taking institutions licenced by the Central Bank of Nigeria and other agencies e.g. Securities and Exchange Commission.

“Currently, there is an ongoing engagement with the relevant regulatory agencies on how to actualise that within the limits of legal provision.