The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS) through the provision of deposit insurance coverage to depositors of licensed banks.

The NDIC’s activities, through the supervision of banks, not only enhances depositors’ confidence in the financial system, but also serves as incentive to the unbanked to access financial services of the licensed banks.

In a statement, NDIC Director, Communication and Public Affairs Department, Bashir A. Nuhu, said the Corporation has also been at the forefront of the implementation of the NFIS in Nigeria as a member of the National Financial Inclusion Governance Committee headed by the Central Bank of Nigeria (CBN).

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The corporation said it is also part of the efforts to further enhance the attainment of national financial inclusion targets as the National Financial Inclusion Governance Committee sets to host the maiden International Financial Inclusion Conference 2022 scheduled to take place between November 24 and 25, 2022 in Abuja.

With the theme, ‘Financial Inclusion for all: Scaling Innovative Digital Models,’ the conference is the first to be held since the launch of the NFIS in 2012. The NFIS set the target of reducing the percentage of adult Nigerians that do not have access to financial services from 46.3 per cent in 2010 to 20.0 per cent in 2020.

“Since the launch of the NFIS, stakeholders have achieved great strides in achieving financial inclusion objectives which has resulted in the exclusion rate dropping from 46.3 per cent in 2010 to 35.9 per cent in 2020.

“The Corporation has contributed significantly to the nation’s financial inclusion objectives through provision of deposit protection to all licensed deposit taking institutions via its deposit insurance.