NDIC seeks creation of national savings bank

The Managing Director, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, has called for the re-establishment of the Nigerian Savings Bank to enable more people to have access to banking services.

He said this while delivering a lecture titled, ‘NDIC and engendering confidence in the financial services sector for poverty reduction and economic empowerment’.

A statement by the NDIC on Wednesday quoted Ibrahim to have said the national bank could be driven using post offices and leveraging Information and Communication Technology.

This, he added, would not only facilitate financial intermediation but also give access to credit facilities.

The NDIC CEO disclosed that the Central Bank of Nigeria and Ministry of Communication had been discussing the modalities of effectively transforming post offices into banks’ agents.

He said the corporation had been contributing to poverty reduction by focusing on deposit guarantee and protection of depositors’ interest.

For instance, he said that as of December, 2015, the corporation’s insurance coverage was over 90 per cent of the 67 million depositors in Deposit Money Banks whose deposit liabilities amounted to N17.5tn.
He also stated that the sum of N165.5billion belonging to 8.4 million depositors of microfinance banks and N73.71bn belonging to 0.73 million depositors of primary mortgage banks were covered by over 95 per cent.