Investor protection: NDIC reaches out through town hall meetings

By Chioma Obinagwam

As part of its resolve towards engendering investor protection, the Nigeria Deposit Insurance Corporation(NDIC), is reaching out investors through town hall meetings to enlighten them on the dynamics therein.

Speaking to investors at the maiden edition held in Kano State recently, the Managing Director(MD) of NDIC, Alhaji Umaru Ibrahim said: “It is crystal clear that for the NDIC to remain committed to the discharge of its mandate, consumer protection must be at the centre of its operational policies and programmes.”

“The creation of the NDIC Stakeholders Town Hall Meeting is therefore a bold step towards full expression of the Corporation’s commitment to depositor protection,” he added.

Speaking on the theme,’Bank Customer Protection: The Role of NDIC,’ Ibrahim said that  it is aimed at enlightenment of its stakeholders, particularly bank customers on the benefits of savings culture, cooperative societies, cottage industries and petty trading in order to raise the standard of living amongst Nigerians.

“It is instructive that the Corporation has not only established different platforms for meaningful engagement with each of the stakeholders but has come up with the NDIC Stakeholders Town Hall Meeting to specifically address the concerns and expectations of depositors, especially small savers who either lack or have limited capacity to fight for their rights in the complex financial system thrown up by modern banking,” he explained.

“This would further demonstrate the Corporation’s determination towards promoting consumer protection in furtherance of the quest for financial education to achieve financial inclusion,” he said.

He stated that the Corporation’s stakeholders are numerous.

“They include the depositors; the insured financial institutions comprising the deposit money banks (DMBs), microfinance banks (MFBs) and primary mortgage banks (PMBs); Central Bank of Nigeria (CBN); the Federal Ministry of Finance; National Assembly; the Judiciary; Security agencies, Members of the Financial Services Regulation Coordinating Committee (RSRCC) and mass media amongst others,” he enumerated.

He also disclosed that Corporation is providing a platform where the operators (bankers) from Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBs), Microfinance banks (MFBs) and other deposit taking financial institutions insured by the NDIC to engage in mutual discussion with their bank customers.

The NDIC boss added programme has been designed as an annual event to be held in all the six geo-political zones of the country.