Over 200 financial technology firms now operate in Nigeria.
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim made this known at a seminar for Financial Journalists with the theme ‘COVID-19 and Fintech disruption: Opportunities & Challenges for Banking and Deposit Insurance’.
He described the development of financial technology as critical to the economy, especially in the wake of COVID-19 pandemic, where digital financial services came to the rescue.
Alhaji Umar said the corporation worked hard to ensure that public confidence in the financial system was not eroded while also providing support for the operations of safe digital finance channels.
In a paper, the Director, Insurance and Surveillance Department, Mr. Galadima Gana said the COVID-19 posed challenges of bad loan recovery, fall in collateral value and scarcity of foreign exchange to banking sector.
He said these have necessitated more stringent supervision of financial institutions to safeguard the system and protect depositors.
The Director of Communication Mr. Bashir Nuhu said the NDIC amendment Act will ensure quicker resolutions of bank failures and settlement of depositors’ claims.