Deposit insurance critical to financial inclusion, says NDIC

As the advocacy for financial inclusion in Nigeria gathers more momentum, the Nigeria Deposit Insurance Corporation (NDIC) has said the insurance and safety of customers’ deposits in financial institutions are critical to the success of the National Financial Inclusion Strategy (NFIS).

The NDIC said its activities, through the supervision of banks, not only enhance depositors’ confidence in the financial system, but also serve as an incentive for the unbanked to access the financial services of licenced banks.

Deposit insurance critical to financial inclusion, says NDIC

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A statement by the Director of Communications and Public Affairs, Mr Bashir Nuhu, yesterday said the corporation is currently supervising the implementation of the NFIS in the country as a member of the National Financial Inclusion Governance Committee headed by the Central Bank of Nigeria (CBN).

“The corporation, as part of efforts to further enhance the attainment of national financial inclusion targets, and as a member of the National Financial Inclusion Governance Committee, is set to host the maiden International Financial Inclusion Conference 2022, scheduled for November 24th and 25th 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% in 2010 to 20.0% in 2020.

Since the launch of the NFIS, stakeholders have achieved great strides in financial inclusion objectives which have resulted in the exclusion rate dropping from 46.3% in 2010 to 35.9% in 2020.