NDIC extends deposit insurance system training to Ghana

The Nigeria Deposit Insurance Corporation (NDIC) is organising a five-day capacity building programme for senior officials of Ghana Deposit Protection Corporation (GDPC) as part of the NDIC’s efforts to assist member countries in the West African sub region to comprehend the relevance of Deposit Insurance System (DIS) in ensuring financial system stability.

This disclosure was made in a statement by the corporation.

The statement further revealed that three officials of the GDPC participating in the training programme include Mr. Franklin Belnye – Chief Executive Officer(CEO) Ghana Deposit Protection Corporation;  Mrs. Aimee Mwinila-Youri of the Legal Department as well as Mr. Mustapha Sarbeng of the Finance Department.

“The modules that are designed for the five-day capacity building programme cover very wide and strategic areas. They include:Role of DIS in Promoting Financial Stability, Establishment of DIS in Nigeria; Rationale, Governance structure and Core mandate; Design Features of DIS in Nigeria; Legal statutes and Policy Framework for Deposit Insurance System in Nigeria; Determination of Deposit Insurance Coverage; DIS Funding in Nigeria; Risk Assessment of Insured Financial Institutions; Overview of NDIC’s Public Awareness and Financial Literacy and Education Initiative; Asset Management in Failed Bank Resolution and International Collaboration: International Association of Deposit Insurers and other Deposit Insurance Systems Around the World,” NDIC stated.

In his remarks about the programme, the pioneer CEO of the Ghana Deposit Protection Corporation (GDPC), Mr Franklin Belnye applauded the achievements of the NDIC and its readiness to provide capacity building and experience sharing on DIS practice across the African sub region.

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Mr. Belnye conceded that unlike the risk minimiser status enjoyed by NDIC, the GDPC was starting as a pay-box due to constraints. He however expressed optimism that there would be urgent need to amend the GDPC enabling law as soon as possible to follow the paths of DIS practice in Nigeria.

“This is based on the indication of the eye opening learning points on the relevance and independence of a risk minimiser in the financial system than a mere pay box which is tied permanently to either the central bank or government for the much needed funding requirements” he added.

As a Member of the Executive Committee of International Association of Deposit Insurers (IADI), the NDIC has been extending capacity building programmes to member countries in the West African sub region.