WED 20 OCT, 2021-theGBJournal- The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC) Mr Bello Hassan said Wednesday that the payment of premium by financial institutions insured by the corporation will now be based on risks’ assessed.
Hassan also hinted that the corporation was currently reviewing the premium approach to ensure that the probability of risks crystallising in any NDIC insured financial institution would be the major determining factor for the pricing methodology.
‘’The focus is therefore to scale up the deposit insurance framework, provide timely support to insured institutions as and when required,’’ he said.
Hassan was speaking at the 2021 Financial Correspondents Association of Nigeria (FICAN) workshop on Wednesday in Ibadan.
The managing director said the new strategy would also ensure faster and orderly resolutions of liquidated insured institutions.
He said NDIC had identified the need to reconsider its framework, to provide realistic terms and conditions that would enable qualifying insured financial institution promptly access technical and or financial support in line with NDIC’s Act.
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