NDIC critical to financial inclusion achievements showcased at International Financial Inclusion Conference 2022

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The financial sector has experienced rapid expansion and diversity of financial services and products deployed within the Fintech ecosystem. This presents significant opportunities to further fast track the expansion of financial inclusion to a greater number of Nigerians by enabling them have access to financial services that would address their needs and enhance their quality of life. In lieu of this Nigeria Deposit Insurance commission is set to organize The International Financial Inclusion Conference 2022.

This is contained in a statement signed by the Director, Communication & Public Affairs Department (NDIC) Bashir A. Nuhu. The statement reels out that the conference will presents a unique opportunity to showcase advancements in financial inclusion in Nigeria, spotlights other jurisdictional experiences, and will serve as a platform for policymakers, financial institutions, and other stakeholders to engage on contemporary issues such as innovation, digital technology, and the role of collaboration in achieving financial inclusion for all Nigerians. He further explained that, Nigeria Deposit Insurance Corporation (NDIC) plays a critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS) through the provision of deposit insurance coverage to depositors of licensed banks.

“The NDIC’s activities through the supervision of banks, not only enhances depositors’ confidence in the financial system, but also serves as incentive to the unbanked to access financial services of the licensed banks.” “The Corporation has also been at the forefront of the implementation of the NFIS in Nigeria as a member of the National Financial Inclusion Governance Committee headed by the Central Bank of Nigeria (CBN).  The Corporation is also part of the efforts to further enhance the attainment of national financial inclusion targets as the National Financial Inclusion Governance Committee sets to host the maiden International Financial Inclusion Conference 2022 scheduled to take place between the 24th and 25th of November 2022 in Abuja, Nigeria. With the theme “Financial Inclusion for all: Scaling Innovative Digital Models”.

The conference is the first to be held since the launch of the NFIS in 2012.The NFIS set the target of reducing the percentage of adult Nigerians that do not have access to financial services from 46.3% in 2010 to 20.0% in 2020. Since the launch of the NFIS, stakeholders have achieved great strides in achieving financial inclusion objectives which has resulted in the exclusion rate dropping from 46.3% in 2010 to 35.9% in 2020. The Corporation has contributed significantly to the Nation’s financial Inclusion objectives through provision of deposit protection to all licensed deposit taking institutions via its deposit insurance.

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