The International Association of Deposit Insurers (IADI) has commended the Nigeria Deposit Insurance Corporation (NDIC) for proposing the establishment of the African Center for Deposit Insurance (ACDI).
The ACDI is to be domiciled in the NDIC Academy, Abuja, to provide training and enhance the capacity for the staff of member countries on the continent.
According to a statement by the Director, Communication & Public Affairs Department, NDIC, Bashir Nuhu, the commendation was given during the recent Annual General Meeting of the IADI Africa Regional Committee (ARC) chaired by the ARC Chairperson and NDIC MD/CE Umaru Ibrahim.
The meeting which was held online had representatives of nine member countries of ARC. They included 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 was designed to document the experiences and challenges of Deposit Insurance System (DIS) in Africa.
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 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 stepping-up of supervision of insured institutions.
Ibrahim thanked Walker for his continuous support to the ARC.
As this was his final ARC meeting, he expressed gratitude to members for their support during his three years tenure as chairperson and called for continuous collaboration to drive the growth of deposit insurance in Africa.