The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has emphasized the need for financial institutions to leverage opportunities for growth and stability in order to support the current administration’s vision of achieving a $1 trillion-dollar economy.
Hassan disclosed this in Lagos while delivering the keynote address at the 2024 Finance Correspondents Association Of Nigeria (FICAN) conference with the themed “Nigeria’s Journey Towards $1 Trillion Economy: Impact of Banks’ Re-capitalisation, Opportunities for Fintechs and Real Sector”
The managing director of NDIC He said The Central Bank of Nigeria’s (CBN) recapitalization initiative aims to enhance the resilience and solvency of banks, enabling them to absorb shocks and support economic development.
“The role of strong and well-capitalized banks in supporting the current administration’s bold vision of growing Nigeria’s economy to a one trillion-dollar must be appreciated by the relevant players in the financial sector.”
Noting that Fintechs have the potential to close the financial inclusion gap by providing innovative financial services, leveraging new technology, and reducing bottlenecks associated with traditional financial institutions.
“Fintechs have the potential of closing this gap through deployment of innovative financial services, using new technology and reduction of bottlenecks associated with traditional financial institutions.”
He reiterated that NDIC has reviewed upwards the maximum deposit insurance coverage levels for depositors of all licensed deposit-taking institutions to support the banking sector.
Stressing that financial regulators must evaluate existing rules and consider adopting new regulations to address the opportunities and challenges presented by Fintechs.
