NDIC Hosts Virtual Confab on Fintech, Emerging Risks

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By James Emej

The Nigeria Deposit Insurance Corporation (NDIC) has concluded plans to organise a two-day virtual international conference with the theme: “Financial System Stability, Fintech and Emerging Risks: Challenge for Bank Supervisors,” which commences today.

The corporation is taking the front seat in the international finance community to drive public discourse on the impact, risks, challenges and opportunities of Financial Technology (Fintech).

NDIC Director, Communication and Public Affairs, Mr. Bashir Nuhu, in a statement, explained that the conference, billed for October 22nd to 23rd, 2020, is the first of its kind to be hosted by a Deposit Insurance System (DIS) in the African region, to address emerging developments and financial system stability effects of Fintech and COVID-19 pandemic.

The event brings together speakers and participants from the International Association of Deposit Insurers (IADI), World Bank, International Monetary Fund (IMF), sister deposit insurers, supervisory & resolution authorities, as well as professionals and practitioners in the financial systems across the world.

Some of the local participants are drawn from the Central Bank of Nigeria (CBN), FITC, Chartered Institute of Bankers of Nigeria (CIBN), Independent Corrupt Practices Commission (ICPC), Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), amongst others.

He said the conference is part of effort to promote knowledge and experience sharing amongst key stakeholders on fintech, as well as provides opportunity to promote broad discussion on policy options to address emerging risks and opportunities associated with fintech.

The two-day virtual conference will address pertinent topics including, “How Big Tech and Asian Banks are Reinventing Banking; Emerging Issues on Cyber Risks; Artificial Intelligence, Machine Learning; and Consumer Protection in the Fintech era. Other topics include, the use of Regulatory and Supervisory Technologies as Early Warning Signals; Regulation of Fintech Payment Service Banks (PSBs); and Identifying the Potential Impact of Disruptive Technologies on On-Site Supervision,” he said.

Both the Chairman, NDIC Board of Directors, Mrs. Ibironke Sokefun and Managing Director/Chie Executive of the corporation, Umaru Ibrahim and IADI Secretary General, Mr. David Walker will address the august gathering.