NDIC Says 60% Of Nigerians Lack Access To Finance – Faqontech

NDIC says 60% of Nigerians lack access to finance

by Ayorinde Ayodeji

Umar Ibrahim yesterday said 60% Nigerians lack access to finance despite the proliferation of commercial banks, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC).

He, however, identified massive inclusion in financial accessibility as the only way to lift Nigerians out of poverty.

Ibrahim spoke in Abuja when he led top management team of the corporation on a visit to Senate President Ahmad Lawan.

He suggested the institutionalisation of the required financial accessibility for ordinary Nigerians and the creation of more micro finance and payment service banks.

The NDIC boss assured Nigerians that the corporation was putting on the ground more stringent measures against financial and cyber frauds.

The Senate President assured the NDIC boss that the 9th National Assembly would work on the Act the 8th Assembly couldn’t finish.

The request failed to sail through during the Eight National Assembly.

Assured that the corporation was introducing stringent measures against financial and cyber frauds, Ibrahim said: “We are working very hard on issues pertaining to fraud and forgery in the banks.  We are interfacing with relevant offices and other stakeholders to minimize incidences of cybercrime in our banking system.

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“The banks are being encouraged to ensure that they have full proof cyber security system so as to minimize the incidences of hacking which results in serious loses to the banking system and loss of earnings and loss of confidence.

“Part of the emerging trends globally in the banking space is the emergence of block chains technology and crypto currency. Crypto currency is one example of block chain technology. These are new innovations that can be effectively used in checkmating fraud.”

Lawan assured the NDIC boss that the 9th National Assembly will work on the Act the Eighth Assembly could not finish.

The Senate President urged the NDIC and the banking sector to provide the required financial assistance to those interested in agriculture in line with the diversification policy of the government.

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