NDIC charges bankers on financial literacy, consumer protection

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By Babajide Komolafe

THE Nigeria Deposit Insurance  Corporation (NDIC) has called on bankers in the country to pay more attention on financial literacy and consumer protection issues.
Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim made this call while speaking at the Chartered Institute of Bankers of Nigeria (CIBN) Graduates’ Induction and Prize Award Day in Lagos.

Ibrahim noted that the banking environment was witnessing rapid changes, including the forces of globalization of banking; economic uncertainties; advances in information and Communication technology (ICT), such as block chain technology and virtual currency which bankers must grapple with.

Ibrahim said that the current economic situation which most developing countries, including Nigeria were facing underscored the need to pay greater attention to issues such as financial literacy, consumer protection, sustainability and innovative financial services solutions. He gave instances such as mobile money, agency banking, virtual currency, which must be harnessed and integrated into the nation’s financial services industry to enhance the role of banking system towards economic growth and development.

Meanwhile 46 NDIC staffs have graduated from the Chartered Banker/Master in Business Administration (CB/MBA) Programme at Bangor University, Scotland.
The Corporation said that The graduates have also earned themselves triple qualifications of MBA, Bangor University; Associate, Chartered Institute of Bankers, Scotland the oldest professional banking institute in the world) and Associate, The Chartered Institute of Bankers of Nigeria (ACIB).

Ibrahim said that the Corporation sponsored some of its staff on the CB/MBA programto upscale the skills of the staff in the lower/middle managerial cadre.
He said: “Since the beginning of the program in 2013, a total of seventy seven (77) NDIC staff had been enrolled in the Chartered Banker Bangor Program, of which, forty-six (46) including the nineteen (19) that graduated last weekend had successfully completed the program while the others were at various stages of completion. He challenged the CB/MBA graduates to embrace life-long learning and self-development in their future careers and professional endeavours.”

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