By Babajide Komolafe

Nigeria Deposit Insurance  Corporation (NDIC) has called for the support of the media in the promotion of financial inclusion in the country.

Managing Director/Chief Executive of the Corporation, Alhaji Umaru Ibrahim made this call  at the 2013 workshop for Business Editors and Finance Correspondents Association of Nigeria held in Uyo, Akwa Ibom.

He said, “The media remains a critical and strategic stakeholder in our quest to mold fresh perception amongst our key stakeholders as well as stamp our core mandate of deposit protection in the minds of our teeming depositors through enhanced service delivery.

As we crave your role and support in the promotion of financial inclusion in order to attract the unbanked poor to formal financial systems through this workshop, we equally like to seek your partnership toward cascading the philosophy and objectives of the new NDIC brand to our numerous stakeholders”.

Explaining the connection between the mandate of NDIC and financial inclusion, Ibrahim said “Financial inclusion can be regarded as the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.

Financial inclusion is further facilitated by an effective deposit insurance system (DIS)  that provides confidence and which allows financial institutions to provide services to a vast majority of people at affordable cost.  This is where NDIC as a key financial safety net participant plays a key role.

“The NDIC supports financial inclusion through guaranteeing deposits, especially small savers. This is the direct link between deposit insurance and financial inclusion. Deposit insurance is vital to financial inclusion because the poor need assurance that the services of the depository institutions are safe and available at all times they desire.

NDIC is also a supervisor that enhances financial inclusion by providing consumer protection through supervision of banks, continuous education and trust and policy formulation and oversight.

The Corporation also provides incentives for rural banking and prosecutes erring and reckless directors and management of banks.”

Ibrahim further said that the Corporation’s quest to promote financial inclusion led to the current rebranding exercise.  “The current rebranding exercise at NDIC is not just a mere change of colours and logos. It is about distinguished performance by offering superior service that exceeds stakeholders’ expectations through enhanced consumer protection, financial inclusion and financial literacy.

“Financial inclusion, consumer protection and financial literacy therefore complement each other.  In order to attract the unbanked poor to formal financial systems, there is a need to educate this segment of the society with regard to various financial products and services available from formal financial sector and to make the people aware of the advantages of being connected with the formal financial sector,” he said.