The Nigeria Deposit Insurance Corporation (NDIC) has said that it is updating its regulatory framework towards insuring depositors from the possible dangers associable with banking via the several fintech solutions in the country.
Mr. Umaru Ibrahim, the NDIC Managing Director disclosed this in Kaduna, while delivering a speech at the just concluded opening ceremony of a workshop for members of the Finance Correspondents Association of Nigeria (FICAN), themed “COVID-19 & FinTech Disruption: Opportunities and Challenges for Banking System Stability and Deposit Insurance.”
Speaking further, he said that there is a need to protect the deposits of the customers, so as to build confidence in the fintech sector and enhance its financial stability.