Connect with us

News

COVID-19: NDIC Call On Banks To Restructure Credit Administration

Published

on

 

The Nigeria Deposit Insurance Corporation (NDIC), has called on banks to re-organise their credit administration in a way that enhance access to credit and loan repayment for customers in the trying times ahead.

The Managing Director and Chief Executive Officer, NDIC, Mr. Umaru Ibrahim made this call over the weekend at the sensitisation workshop for members of the House of Representatives Committee on insurance and actuarial matters in Lagos.

Ibrahim also said that the Federal Government, Central Bank of Nigeria (CBN) and the NDIC are working tirelessly in ensuring stability in the banking sector and economy at large.

In his opening remarks, he said: “Are we going to experience a situation where borrowers cannot repay due to what is happening. And if so, we would expect the banks to reorganise their credit administration such that they can give some respite to borrowers because that is only a natural consequence.

“For NDIC  has been mandated to help in ensuring safety and confidence in the banking system. We are interested in what is happening and we would continue to do our very best to ensure that we supervise the banks so that they can weather the storm.”

Speaking furthermore, he said: “I would want to assure Nigerian depositors and members of the public in general and we are collaborating with CBN, we would make sure that banks are effectively supervised and assisted so that they can weather the storm.

“The CBN has issued various policy statements and programs that are supposed to assist those who have borrowed funds from the intervention programs through CBN so that they can have respite. And we expect the banks to also restructure their loans such that they give some respite to their customers in view of the difficulties everybody is facing.”

Explaining  the purpose of the workshop, Ibrahim  added: “This is the first time we are engaging with the House of Representatives Committee on Insurance and Actuarial Matters and the purpose is to sensitise them and to take them through issues relating to banking supervisions generally and the role of deposit insurance so they appreciate our role and understand what we do and how we do things and also how we create and sustain value so our banks remain healthy and stable to help them play their role in the economic development of the country.

Vanguard

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Breaking News...