NDIC boss urges FG to ensure financial literacy

Managing Director, Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim, has urged the Federal Government to pay more attention to issues of financial literacy and consumer protection to enhance economic growth in the country. Ibrahim made the call at the Chartered Institute of Bankers of Nigeria (CIBN) Graduates’ Induction and Prize Award Day in Lagos. He said the Federal Government was desirous of the the need for sustainability of the financial sector, and innovative financial services solutions to customers.

Ibrahim, who said this in a statement by the Head, Communication and Public Affairs of NDIC on Wednesday in Abuja, added that mobile money, agency banking and virtual currency should be harnessed and integrated into the nation’s financial services industry. This, he said, would help to enhance the role of banking system towards economic growth and development. Ibrahim said that the banking environment was witnessing rapid changes which bankers must grapple with, including globalisation of banking; economic uncertainties and advances in Information and Communication Technology (ICT).

According to the NDIC boss, 46 members of staff of the corporation graduated from the Chartered Banker/Master in Business Administration (CB/MBA) Programme at Bangor University, Scotland. He said the graduates also earned themselves triple qualifications of MBA, Bangor University; Associate, Chartered Institute of Bankers, Scotland and Associate, The Chartered Institute of Bankers of Nigeria (ACIB).

Ibrahim said that the Corporation sponsored some of its staff in the lower/middle managerial cadre on the CB/MBA programme to upscale their skills. He explained that since inception of the programme in 2013, about 77 NDIC staff had enrolled in the Chartered Banker Bangor Programme, and that 46 members had successfully completed the programme while the others were at various stages.

He challenged the graduates to embrace life-long learning and self-development in their future and professional endeavours. CIBN and NDIC have, over the years, been collaborating in human capacity building initiatives, including the Chartered Banker/Master in Business Administration (CB/MBA) programme at Bangor University, Scotland. The NDIC Academy was recently accredited by the CIBN as a world class provider of training in banking supervision and deposit insurance for the African Region.