Amaka Obiefuna.
The Nigeria Deposit Insurance Corporation, NDIC, is urging banks in the country to spend more on innovations so as to reduce the effect of the biting economic recession currently affecting Nigeria.

The call was made by NDIC Managing Director, Alhaji Umaru Ibrahim as his opening remarks at the annual workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Kaduna, Kaduna State.

The MD said, the theme of the workshop ‘Economic Recession and the Nigerian Banking: Opportunities, Challenges and the way forward’ was apt and could not come other time than now that Nigeria is currently facing recession and equally looking for a way out.

His words: “Now as we know, we are living in what is referred to as VOCAL world meaning vulnerable, uncertain, complex and unpredictable world, and we are experiencing this in one way or the other, as individual, corporate entities, therefore it is obvious that for any individual, any organization to survive has to do a lot, one has to be creative, one has to be innovative to survive this very turbulent moment.

“Banks as we know are facing liquidity issues, foreign exchange issues, unemployment also affects everybody, high expectations from depositors of quality service and unreasonable charges, high expectations from investors of reasonable margins even in difficult time”, he said

He noted that for NDIC in the area of supervision of insured financial institutions, would continue to be dynamic and follow the right regulatory trend to ensure financial stability.

As for the Primary Mortgage Bank (PMBs) , Deposit Money Banks (DMBs) and the Micro Finance Banks (MFB), he said would continue to be reasonable, creative and innovative in order to wither the storm.