Nigeria News

NIGERIA: NDIC Wants Greater Focus on Consumer Protection

 Managing Director/CEO, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has urged Deposit Money Banks (DMBs) to give priority to issues bordering on consumer protection in order to promote better service delivery and increase confidence in the financial system.

Speaking in Abuja while receiving the new Managing Director/CEO, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, who paid him a courtesy visit, the NDIC boss said as a deposit insurer and bank supervisor, the corporation placed premium on consumer protection, stressing that it had taken several steps to promote consumers through the establishment of a dedicated 24-hour toll-free Help Desk in the corporation.
This, according to him, would enable depositors and other bank customers lodge their enquiries and complaints for prompt investigation.

He said a Complaints Unit had further been established in the Bank Examination and Special Insured Institutions Departments of the corporation to cater for the customers of DMBs and Microfinance/Primary Mortgage Banks (MFBs/PMBs).

Ibrahim also advocated conscious and concerted efforts to improve consumer protection by ensuring that all insured banks establish consumer complaints desks at their Head and branches offices to facilitate and promote prompt response to consumer protection issues.

He noted that as members of the Bankers Committee, insured banks should show more commitment towards the adoption and promotion of initiatives such as Financial Literacy, Financial Inclusion and Sustainable Banking to engender confidence in the entire financial sector.

He added that NDIC examiners would continue to uphold global best practices through proper conduct and practices in their supervision of banks, adding that the NDIC would not condone any form of unethical conduct by its bank examiners as the management of the corporation would also entertain feedback from the banks on their conduct.

In his remarks however, Okonkwo stressed the need for the banking industry operators and regulators to work together as partners in order to move the industry forward.
He stressed the need for banks to see Examiners as “helpers and enablers” who would always add value to the banks and commended the NDIC for its contribution towards the stability of the nation’s financial system.

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