House Committee, NDIC move to strengthen safety net for depositors
Speaking at the stakeholders’ retreat with the theme, “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 matched with stronger supervision and effective depositor protection.
By Cynthia AloFollowing the completion of bank recapitalisation exercise, the Nigeria Deposit Insurance Corporation (NDIC) and the House of Representatives Committee on Insurance and Actuarial Matters have moved to strengthen Nigeria’s financial safety net to ensure prompt protection of depositors in the event of bank failures.
He said: “Stronger capital, however, 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.
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