IADI prescribes Nigeria'sdeposit insurance scheme forAfrica

THE International Association of Deposit Insurers (IADI) has chosen the Nigeria's Deposit Insurance Scheme (DIS) as the baseline for implementation by all deposit insurers in the African region.The Nigeria's DIS is the management of insurance cover or protection of deposits by customers in all money deposit banks, including microfinance institutions that are covered by the DIS of the Nigeria Deposit Insurance Corporation (NDIC).Already, delegates under the aegis of the African Regional bloc yesterday in Abuja began the review of the Nigerian DIS with a view to broadening their understandingas well as its strengthening for adoption and implementation in their countries.The Managing Director of the NDIC, Alhaji Umaru Ibrahim, while welcoming delegates and facilitators from the United States and Europe, thanked the World Bank, which is bank ' rolling the three ' day conference for the interest and concern for strengthening financial institutions in the continent aimed at ensuring the safety of banks' depositors within the continent and to IADI for selecting the Nigeria's DIS as a case- study.Umaru said: ' Before I dwell on the theme of the workshop, I want to seize this opportunity to express appreciation to the World Bank for funding this workshop; the leadership of IADI and the entire IADI family for giving us the opportunity to host this very important workshop, which is the second in the series organised by IADI and for the country's DIS to be used as a case study for the assessment of compliance with the IADI core principles.''He explained that it was not surprising that Nigeria's DIS was selected by IADI as a baseline because the Nigeria's DIS was the first in Africa to implement the IADI's Assessment Methodology, thus making the NDIC a key member of the IADI.The NDIC boss said the workshop will also afford the NDIC the opportunity to strengthen any weakness in theDIS.Meanwhile, the Central Bank of Nigeria (CBN) Governor, Mr. Sanusi Lamido yesterday at the workshop hailed the development and attributed it to the reforms effort of the financial regulators in Nigeria. He assured that more efforts will be put in place to make Nigeria financial system one of the best in the world.
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