NDIC signs MoU with Bank of Guarantee Fund of Poland

The Nigeria Deposit Insurance Corporation (NDIC) has signed a Memorandum of Understanding (MoU) with Bank Guarantee Fund (BGF) of Poland in line with the mission of the International Association of Deposit Insurers (IADI) to share knowledge and experience in deposit insurance.

The exercise is also in line with areas of compliance with core principles of effective deposit insurance practice.

The MoU was signed at the end of NDIC’s recent working visit to the Guarantee Fund of Poland (GFP) on capacity building, information and experience sharing in key operational areas, including early warning system, failure resolution, establishment of target fund ratio and implementation of a single customer view system.

The NDIC delegates comprised the managing director and chief executive officer, Umaru Ibrahim, and the executive director of operations, Aghatise Erediauwa.

Also, Umaru Ibrahim has called on financial institutions in the country to imbibe sustainable banking practices in their operations.

Both the NDIC and BGF are active members of International Association of Deposit Insurers (IADI) and the president of the Management Board of BGF, Poland, Jerzy Pruski, is the current chair of the Executive Council and president of IADI.

Ibrahim, who made the call in Abuja while declaring open a lecture on ‘The Implementation of the Nigerian Sustainable Banking Principles for Senior Bank Examiners’, noted that the importance of a sustainable banking culture required banks to uphold environmental and social standards by not granting credits or supporting business activities that would harm the environment.