NDIC leads AFRICA to host regional deposit insurance leaders to strengthen operational resilience

The Nigeria Deposit Insurance Corporation (NDIC) is scheduled to host a regional workshop in Abuja, Nigeria bringing together leaders of African Deposit Insurance Agencies to share knowledge and expertise to strengthen the implementation of deposit insurance systems on the African Continent.

According to a press statement by Mr. Bashir A. Nuhu, Director, Communication & Public Affairs Department of the Corporation, on Sunday, the event which is scheduled to take place between the 4th and 7th of October 2022, is a Technical Assistance Workshop (TAW) under the auspices of the African Regional Committee (ARC) of the International Association of Deposit Insurers (IADI).

He said: The weeklong workshop with the theme “Normality in Turbulent Periods: The Stabilizing Role of Deposit Insurance”, will explore issues such as the role of deposit insurance in early detection and timely intervention in resolving bank failures as well as crisis management and strengthening operational resilience of deposit insurance agencies.

“Deposit Insurance organisations from more than 15 African countries including Angola, Botswana, Burundi, Ghana, Kenya, Senegal, Somaliland, Sudan, Tanzania, Uganda and Zimbabwe are expected to attend. Representatives of Deposit Insurance Agencies from Chinese Taipei, Kenya, Indonesia, United States of America as well as the Financial Stability Institute (FSI) and the IADI Secretariat both in Basel, Switzerland are expected to form part of the resource persons and panelists at the Workshop.

“The workshop is taking place against the backdrop of the 20th Anniversary of IADI which was established in May 2002 with a mission to share deposit insurance expertise with the world. As a deposit insurer and member of the financial safety net in Nigeria, the NDIC is a founding member of IADI, pioneer member of its executive council and founding Chairperson of the Africa Regional Committee (ARC).

He explained further: The NDIC joined IADI as a founding member in 2002 and was a pioneer member of the IADI Executive Council and Chairperson of the IADI-Africa Regional Committee (ARC) respectively.  In addition, the NDIC had also served on various IADI Council and Technical Committees such as Audit and Risk Council Committee (ARCC), Core Principles and Research Council Committee (CPRC), the IADI Strategic Planning Working Group (SPWG), the Islamic Deposit Insurance Technical Committee (IDITC) and the Training & Technical Assistance Council Committee (TTAC), to mention but a few. The hosting of the IADI – ARC Technical Assistance Workshop by the NDIC is a recognition of the Corporation’s international standing and significant achievements and expertise in the implementation of the Deposit Insurance System in Africa”.  He said.