NDIC establishes Fintech and Innovation unit

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.