• Sets up new FinTech & Innovation Unit

BY COBHAM NSA, ABUJA – Determined to align with contemporary trends in advanced economies, the Nigeria Deposit Insurance Corporation (NDIC) has set up a new “FINTECH AND INNOVATIONS UNIT” to drive technological innovations and applications in its mandate delivery.

According to the Corporation, the development is also in line with its Strategic Vision of ranking among the best Deposit Insurers globally by year 2020 ending.

The new Unit, domiciled in the Insurance and Surveillance Department of the Corporation, is expected to engage and collaborate with innovators in the financial and non-financial sectors of the economy for efficiency in financial services management and delivery.

A statement by the Director of Communications and Public Affairs, NDIC, Sunday Oluyemi, said the objectives are to identify, develop and promote technology-driven solutions that would protect depositors and improve the safety and soundness of Insured Financial Institutions in the country.

He said the Unit would enable the Corporation identify disruptions and associated risks of Fintech and Innovations on deposit insurance; Articulate the use of Fintech for Early Warning Signals (EWS) and Prompt Corrective Action (PAC) as well as identify other digital currency deposits for the purpose of insurance coverage.

The statement signed by Mohammed Kudu Ibrahim, for the Director said other areas to be covered include evolving supervisory measures for digital banks; and enhancing existing consumer protection measures as they relate to digital deposits in collaboration with other safety net players.

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