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NIGERIA: Customers’ deposits with fintech firms to be insured – NDIC

The NDIC says it is adapting its regulatory framework to protect depositors from possible unwanted eventualities.

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.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)