NDIC unveils new unit on Fintech and Innovation to enhance service delivery

EHIME ALEX, Lagos 

To keep pace with technological innovations and applications in the financial services, the Nigeria Deposit Insurance Corporation (NDIC) has established a new “FINTECH AND INNOVATIONS UNIT” to align with contemporary trends in advanced economies.

According to NDIC in a statement on Tuesday to NATIONAL ACCORD, the development agreed also with its Strategic Vision of becoming one of the best Deposit Insurers in the year 2020.

The statement reads further, “The new Unit, which is domiciled in the Insurance & Surveillance Department of the Corporation, is expected to engage and collaborate with innovators in the financial and non-financial sectors of the economy to identify, develop and promote technology-driven solutions that would protect depositors and improve the safety and soundness of Insured Financial Institutions.

“The Unit is expected to 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); Identify other digital currency deposits for the purpose of insurance coverage; evolve supervisory measures for digital banks; and enhance existing consumer protection measures as they relate to digital deposits in collaboration with other safety net players.”