IADI lauds NDIC over African Centre for Deposit Insurance

By Motolani Oseni

International Association of Deposit Insurers (IADI) have commended the Nigeria Deposit Insurance Corporation (NDIC) for proposing the establishment of the African Center for Deposit Insurance (ACDI) to be domiciled in the NDIC Academy, Abuja to provide training and enhance the capacity for the staff of member countries on the continent.

The commendation was given during the Annual General Meeting (AGM) of the IADI Africa Regional Committee (ARC), which was chaired by the ARC Chairperson and NDIC MD/CE Umaru Ibrahim.

The meeting which was held online had representatives of Nine (9) member countries of ARC (Angola, Ghana, Kenya, Morocco, Nigeria, Rwanda, Tunisia, Uganda and Zimbabwe) as well as the IADI Secretary-General, Mr David Walker and Mr Keehyun Park of the IADI Secretariat Basel, Switzerland.

While praising the NDIC for its efforts to spearhead the establishment of the Centre, members agreed that due to the current Covid-19 pandemic restrictions, the Centre should commence with online programmes in 2021.

Members also commended the proposed ARC Publication which is designed to document the experiences and challenges of Deposit Insurance System (DIS) in Africa.

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They agreed for the setting up of a Committee made up of Nigeria, Zimbabwe, Kenya and Morocco to coordinate the collation of information from member countries to be used in the compilation of the publication.

During the meeting, ARC member countries provided an update on their activities.

Issues discussed from the country reports centred on the need for continuous capacity building; enhanced public awareness; prompt depositor Reimbursement/pay-out; and steppingup of supervision of insured institutions.