By 
Ken Opara, the President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), has urged the Nigeria Deposit Insurance Corporation (NDIC) to enhance its monitoring mechanisms of insured financial institutions.
Speaking at a recent retreat organized jointly by the Senate Committee on Banking, Insurance and Other Financial Institutions and the Corporation, Opara emphasized the importance of robust monitoring to ensure the financial health and stability of insured financial institutions.
He advocated for NDIC to implement regular examinations, stress testing, risk assessments, and preventive measures to identify potential vulnerabilities and prevent banks from facing challenges.
Opara reassured the Senate Committee and NDIC management of the CIBN’s commitment to collaborating with all stakeholders to ensure the success of the deposit insurance scheme in Nigeria and maintain the safety and stability of the banking sector.
Highlighting measures to boost customer confidence, Opara noted that the NDIC board had been empowered to adjust upward the maximum amount depositors could receive from the corporation in the event of a failed insured institution, aligning with prevailing economic conditions and international standards.
He commended NDIC’s adherence to ethical standards and compliance with anti-corruption laws, noting the Corporation’s top position in the Independent Corrupt Practices and Other Related Offences Commission 2023 Ethics and Integrity Compliance Scorecard.
To address knowledge gaps and enhance awareness of deposit insurance schemes, NDIC and CIBN have initiated a collaboration to develop and implement a Deposit Insurance Scheme Certification Programme. This program targets industry practitioners, academia (lecturers and students), and the general public.
Opara announced the certification program as a proactive step to bridge knowledge gaps, build capacity, and increase awareness of deposit insurance schemes among stakeholders.
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