The Nigeria Deposit Insurance Corporation has said that effective inclusive financial system with broad based provision of financial services would reduce poverty in the country.
The Managing Director of the corporation, Alhaji Umaru Ibrahim, who made this remark in Lagos also said that it would enhance productictivity, innovativeness, information development of new products, social and economic development of the country.
He said that financial inclusion has been identified as an essential component of a country’s poverty alleviation strategy which when fully implemented would lead to reduction in poverty levels and inequality.
He however pointed out that the collaborative efforts of both NDIC and the Central Bank of Nigeria (CBN), in keeping abreast with global best practices since 1989 when the corporation commenced operations, had resulted in the introduction of micro finance banks (MFBs) and primary mortgage institutions (PMIs).
He said that in spite of the daunting challenges facing MFBs and PMIs, their activities no doubt assisted the growth of the sub-sector.
Ibrahim described financial inclusion as a sustainable delivery of accessible services and products to the vast majority, including marginalised poor.
Meanwhile the corporation recently said that it would soon start the payment of insured depositors of the Fortune and Triumph banks whose licences were revoked by the Central Bank of Nigeria (CBN).
It said that it has finalised arrangement for payment of insured depositors of Fortune and Triumph banks through Access Bank and Intercontinental Bank branches across the country.
The corporation further said that it has concluded payment of N2.03 billion to 69,000 depositors of the 91 out of 92 microfinance banks who came forward for their deposits, adding that NDIC had made further arrangement to continue with the payment through the branches of Unity Bank and Intercontinental Bank.
He also said that a total of N3.3 billion out of N5.241 insured deposits of 35 deposit money banks that were closed pre-consolidation had been paid.
In addition, he further added that the corporation had paid N6.151 billion out of N11.576 billion dividend declared to depositors of the 35 banks whose licences were revoked before consolidation.
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