NDIC drives regulation with fintech
Nike Popoola
The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation, Umaru Ibrahim, has said the NDIC is tapping into the potentials of fintech to effectively execute its business processes easily, speedily and reliably.
He said this during the NDIC media forum themed, "COVID-19 & fintech disruption: Opportunities & challenges for banking system stability and deposit insurance," in Lagos on Wednesday.
Ibrahim said, "Consequently, we look forward to modernising our data collection and analysis through the use of fintech solutions/tools (Regtech and SupTech) to handle the following business processes better than currently being done:
"Risk Based Supervision, monitoring compliance, premium administration, early warning signals, stress testing, analysis of insured institutions' performance."
The managing director said the theme was carefully chosen to critically analyse the risks, implications and opportunities posed by the pandemic and fintech on the Nigerian banking sector and the global financial system as a whole.
He said the impact of the COVID-19 pandemic and the resultant disruptions to social and economic activities had negative consequences on all nations across the world.
"The threat of recession, increased national debt, increase in non-performing loans and potential financial crisis has put pressure on regulators to reassess their supervisory activities to strengthen their capabilities to address these challenges and forestall financial crisis," he said.
He mentioned that the corporation was planning how to identify and insure non-bank deposit taking institutions licensed by Central Bank of Nigeria and other agencies such as the Security and Exchange Commission.
FinTech NDIC