NDIC’s African center for deposit insurance gets recognition by International body

The International Association of Deposit Insurers (IADI) have commended the Nigeria Deposit Insurance Corporation (NDIC) for proposing the establishment of the African Center for Deposit Insurance (ACDI) to be domiciled in the NDIC Academy, Abuja to provide training and enhance the capacity for the staff of member countries on the continent.

The commendation was given during the annual general meeting of the IADI Africa Regional Committee (ARC) on Tuesday, November 24, 2020, chaired by Umaru Ibrahim ARC Chairperson and NDIC managing director/CEO.

The meeting which was held online had representatives of Nine member countries of ARC (Angola, Ghana, Kenya, Morocco, Nigeria, Rwanda, Tunisia, Uganda, and Zimbabwe) as well as the IADI Secretary-General, David Walker and Keehyun Park of the IADI Secretariat Basel, Switzerland.

While praising the NDIC for its efforts to spearhead the establishment of the Centre, members agreed that due to the current Covid-19 pandemic restrictions, the Centre should commence with online programmes in 2021.

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Members also commended the proposed ARC Publication which is designed to document the experiences and challenges of the Deposit Insurance System (DIS) in Africa. They agreed to the setting up of a Committee made up of Nigeria, Zimbabwe, Kenya, and Morocco to coordinate the collation of information from member countries to be used in the compilation of the publication.

During the meeting, ARC member countries provided updates on their activities. Issues discussed from the country reports centred on the need for continuous capacity building; enhanced public awareness; prompt depositor Reimbursement/pay-out; and stepping-up of supervision of insured institutions.

In conclusion, Ibrahim thanked the IADI Secretary-General, David Walker for his continuous support to the ARC. As this was his final ARC meeting, he expressed his sincere gratitude to members for their support during his 3 years tenure as the ARC Chairperson and urged for continuous collaboration to drive the growth of deposit insurance in Africa.

Vusi Vuma, managing director/CEO of Deposit Protection Fund of Zimbabwe expressed his appreciation and gratitude to Umaru Ibrahim on behalf of all the regional members for the stewardship, guidance, and support that the NDIC always extends to all the regional members.