National Assembly considers Bill to Amend NDIC Act 2006

17 total views, 2 views today

Nigerian National Assembly on Friday said it would immediately commence work on a Bill to Amend the Nigeria Deposit Insurance Corporation (NDIC) Act 2006 afresh as the work earlier done by the eighth Senate had lapsed with the expiration of that Assembly.

Ahmed Ibrahim Lawan, Senate president, gave this assurance in response to an appeal by Umaru Ibrahim, NDIC managing director/CEO, to the Senate for the speedy passage of the NDIC Act, 2006 (as amended) currently before the National Assembly.

Umaru Ibrahim made the plea when the management of the Corporation paid a courtesy call on the newly elected President of the Senate, in his office on June 26, 2019.

In his response, Lawan noted the importance of the Bill and assured the management of the Corporation that the Senate would give the Bill the accelerated consideration it deserved.

Earlier, in his opening remarks, the NDIC managing director congratulated the Senate president on his election, along with the returning and first-time Senators on their victory at the polls. He stated the resolve of the Corporation to work closely with the Senate leadership and the Senate Committee on Banking, Insurance and Other Financial Institutions to ensure a stable banking system which is critical to the stability of the nation’s financial system.

He recalled that in the past, the Corporation had worked with the Senate on the Bill to Amend the NDIC Act 2006 through the holding of seminars, workshops and active participation in public hearings, stating that the Senate of the 8th Assembly was unable to pass the Bill unlike the House of Representatives which accorded the process the priority it deserved. He appealed to the Senate, under its present leadership, to pass the Bill in earnest in view of its importance to the stability of the … Read More...

Six out of Ten Nigerians have no access to finance – NDIC

17 total views, no views today

The Nigeria Deposit Insurance Corporation (NDIC) on Wednesday revealed that six out of 10 Nigerians have no access to finance.

This comes as the Corporation has harped on the need for financial as the only means of pulling Nigerians put of poverty.

The NDIC’s submission comes at a time when Nigeria is the poverty capital of the world, where some 94 million Nigerians live on less than $1.90 a day.

Latest figures from the National Bureau of Statistics (NBS) put the country’s unemployment rate at over 23percent.

Speaking when he led top management of agency to President of the Senate in Abuja, NDIC Managing Director/Chief Executive Officer, Umar Ibrahim, explained that creating the required financial accessibility for downtrodden Nigerians, more micro finanance and payment service banks will have to be licensed and established at the hinterlands across the country.

“The issue of financial inclusion is very critical globally. We have a lot of statistics that indicate clearly that about 60 percent of Nigerians do not have access to finance.

“People travel for hundreds of kilometers before they can reach a branch of commercial or microfinance bank. There are local government and communities that do not have a branch, they do not have ATMs, they have nothing and you cannot achieve those without some kind of sustainable financial inclusion.

“We are working hard to ensure that the situation is changed in addressing the problem of poverty.

“In achieving this, Nigeria has signed ombudsman to eradicate or to eliminate the problem of access to finance, measures have been taken to ensure that we gain more milage in this area by way of establishing more microfinance banks, licensing mobile banks, creation of agents banks”, he said.

He added that access to financial inclusion speaks not only to people … Read More...