2022 Financial Inclusion Conference: NDIC Set To Showcase Achievements
The Nigeria Deposit Insurance Corporation (NDIC) plays a critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS)through the provision of deposit insurance coverage to depositors of licensed banks.
The NDIC’s activities through the supervision of banks, not only enhances depositors’ confidence in the financial system, but also serves as incentive to the unbanked to access financial services of the licensed banks.
The Corporation has also been at the forefront of the implementation of the NFIS in Nigeria as a member of the National Financial Inclusion Governance Committee headed by the Central Bank of Nigeria (CBN).
The Corporation is also part of the efforts to further enhance the attainment of national financial inclusion targets as the National Financial Inclusion Governance Committee sets to host the maiden International Financial Inclusion Conference 2022 scheduled to take place between the 24th and 25th of November 2022 in Abuja.
With the theme “Financial Inclusion for all: Scaling Innovative Digital Models”, the conference is the first to be held since the launch of the NFIS in 2012.The NFIS set the target of reducing the percentage of adult Nigerians that do not have access to financial services from 46.3 per cent in 2010 to 20.0 per cent in 2020.
Since the launch of the NFIS, stakeholders have achieved great strides in achieving financial inclusion objectives which has resulted in the exclusion rate dropping from 46.3 per cent in 2010 to 35.9 per cent in 2020.
The Corporation has contributed significantly to the Nation’s financial Inclusion objectives through provision of deposit protection to all licensed deposit taking institutions via its deposit insurance.
It is important to note that quite a number of the financially excluded individuals failed to join the formal financial system due to fear of possible loss of their savings from bank failure which the deposit insurance of the NDIC addresses.
Other areas through which the Corporation supports financial inclusion include; Supervision and failure resolution of licensed deposit taking institutions, Enforcement of regulatory policies and entrenching enhanced risk management practices and Financial Literacy which is critical in accelerating financial inclusion.
Others are Extending deposit guarantee to Subscribers of Mobile Money through its Pass-Through Deposit Insurance, and Promotion of competition among deposit taking institutions and This is important in driving financial inclusion as smaller institutions like MFBs, PSBs, MMOs, with no brand visibility.
Furthermore, the Corporation has developed a Single Customer View (SCV) platform to eliminate delays in reimbursing depositors of failed deposit taking institutions, upon revocation of their license by the CBN.
Presently, the financial sector has experienced rapid expansion and diversity of financial services and products deployed within the Fintech ecosystem. This presents significant opportunities to further fast track the expansion of financial inclusion to a greater number of Nigerians by enabling them have access to financial services that would address their needs and enhance their quality of life.
The International Financial Inclusion Conference 2022 presents a unique opportunity to showcase advancements in financial inclusion in Nigeria, spotlights other jurisdictional experiences, and will serve as a platform for policymakers, financial institutions, and other stakeholders to engage on contemporary issues such as innovation, digital technology, and the role of collaboration in achieving financial inclusion for all Nigerians.
