By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday emerged the first African Deposit insurer to win the International Association of Deposit Insurers (IADI) award.
NDIC won the award as the Best Deposit Insurance Organisation of the Year under Category 2 of the IADI Core Principles on Compliance and International Collaboration.
Umaru Ibrahim, managing director (MD) of the Nigeria’s deposit insurer in his acceptance of the award said that the Corporation considered it as a wake-up call and a spring board towards improving its deposit insurance services.
According to him, the NDIC regarded the competition and process leading to the award as an avenue to evaluate the performance of deposit insurance institutions against indices of global best practices.
Ibrahim assured IADI, other deposit insurance institutions and the banking public in Nigeria that the NDIC would continue to work assiduously towards protecting depositors and contributing to financial system stability in Nigeria as well as promoting the growth of deposit insurance in Africa and the world.
IADI was established in May 2002 with the vision of “sharing deposit insurance expertise.”
The association is a standard setting organisation which amongst others, issues guidance on international best practices in deposit insurance and fosters collaboration among deposit insurance institutions in the world.
IADI has over the years been promoting international collaboration among deposit insurance organisations and recognises commitment to excellence through the presentation of annual awards to deserving member institutions in specific categories.
The NDIC affirmed that as one of the founding members of IADI, it identifies strongly with the ideals of the association and is therefore deeply honoured by the award out of 77 member institutions across the globe. ‘’The Corporation is also the first to win the award in Africa since the association initiated such awards five years ago,’’ the NDIC disclosed.
