NDIC ESTABLISHES NEW UNIT ON FINTECH AND INNOVATION

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The Nigeria Deposit Insurance Corporation (NDIC) has responded
to technological innovations and applications in financial
services with the establishment of a new “FINTECH AND
INNOVATIONS UNIT” to align with contemporary trends in
advanced economies. The development is also in consonance
with the Corporation’s Strategic Vision, which is to become one
of the best Deposit Insurers by the year 2020.
The new Unit, which is domiciled in the Insurance &
Surveillance Department of the Corporation, is expected to
engage and collaborate with innovators in the financial and
non-financial sectors of the economy to identify, develop and
promote technology-driven solutions that would protect
depositors and improve the safety and soundness of Insured
Financial Institutions.
The Unit is expected to enable the Corporation identify
disruptions and associated risks of Fintech and Innovations on
deposit insurance; articulate the use of Fintech for Early
Warning Signals (EWS) and Prompt Corrective Action (PAC);
Identify other digital currency deposits for the purpose of
insurance coverage; evolve supervisory measures for digital
banks; and enhance existing consumer protection measures as
they relate to digital deposits in collaboration with other
safety net players.

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