Nigerian banking sector is safe and strong – Hassan, NDIC boss

From Amechi Ogbonna, Gombe

Despite Following the crisis of confidence that has rocked the global financial system of late, the Nigerian Deposit Insurance Corporation (NDIC) yesterday reassured the business community of the safety of their deposits in the banking sector.

The chief executive of the company, Mr. Bello Hassan, who gave the assurance on the sidelines of the ongoing 2021 workshop for editors and financial correspondents in Gombe, Gombe State, on the topic “Ending Extreme Disruption: Resilience and Reinvention for Banking System Stability and Deposit Insurance,” said Nigeria’s banking sector remains one of the strongest and most resilient in the world.

Hassan, who said NDIC had achieved 97 percent coverage of insured depositors, also noted that the existing decision to resolve regulatory failures to no longer allow bank failures would continue to guide the actions of the CBN and the Bank. NDIC in handling insolvency issues and other health challenges facing banks to ensure depositors are properly protected.

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He warned, however, that NDIC leadership in collaboration with the Central Bank of Nigeria (CBN) would not hesitate to sanction banks that create opportunities for cybercriminals to defraud or illegally access customer accounts through lax firewall measures and other protective measures. mechanisms to prevent depositors from losing their hard-earned money to cybercrime.

It was then that he urged banks to be proactive in their operations in order to stay one step ahead of cybercriminals.

Regarding the misunderstanding around the seemingly simple but thorny issue of limits on NDIC deposit insurance coverage by stakeholders, Hassan said the issue has become so fundamental and needs to be carefully questioned for the benefit of all depositors. .

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