Nigeria Deposit Insurance Corporation

Non-interest Banking: NDIC Urges JAIZ To Embark On Sensitisation

The Nigeria Deposit Insurance Corporation (NDIC) has urged the management of Jaiz Bank to embark on public awareness and financial education on the benefits of non-interest banking practice to attract more customers. Alhaji Umaru Ibrahim, NDIC's managing director, informed the team that the corporation had developed a non-interest banking deposit insurance fund framework in May. He said that the framework was designed to create a level playing field and provide deposit protection for depositors involved in non-interest banking and protect them against any possible losses. In addition, he said that the corporation was in the process of appointing committee of experts to advise it on all issues relating to Deposits Insurance Scheme (DIS) for non interest banking.

Nigeria: NDIC Okays Jaiz Bank's Deposit Liabilities

The Nigeria Deposit Insurance Corporation (NDIC) said yesterday that it has assessed the deposit liabilities of Jaiz Bank Plc, and that in a couple of weeks, the bank will start paying premium as insurance cover for its depositors. NDIC Managing Director/CEO Alhaji Umaru Ibrahim said the premium collected from the bank would be invested in non-interest bearing instruments. A sensitisation workshop for NDIC solicitors was organized to educate the legal team because excessive litigations remained a major challenge to developing formidable deposit insurance system in the country. According to him, other challenges are the lack of proper understanding of the distinction in the legal status of NDIC as liquidator and deposit insurer by legal practitioners, the court and the public at large.

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