By Cynthia Alo
The Nigeria Deposit Insurance Corporation (NDIC) and the House of Representatives Committee on Insurance and Actuarial Matters have intensified efforts to strengthen Nigeria’s financial safety net following the completion of the banking sector recapitalisation exercise.
The move came as more than 60 members of the House Committee met with NDIC officials in Lagos at a stakeholders’ retreat to examine the implications of the recapitalisation programme and emerging risks posed by financial technology.
Speaking at the retreat, themed “Strengthening the Financial Safety Net in an Era of Banking Sector Recapitalisation and Fintech Innovation,” Chairman of the Committee, Ahmadu Jaha, said stronger bank capital must be supported by effective supervision, sound corporate governance and robust depositor protection.
“Stronger capital must be complemented by stronger supervision, effective deposit insurance, sound corporate governance, enhanced crisis management arrangements, and improved coordination among members of the financial safety net,” he said.
