Functions Of Nigeria Deposit Insurance Company

Functions Of Nigeria Deposit Insurance Company in Nigeria include the following

Ensure that all deposit liabilities of licensed banks and such other financial institutions (hereinafter referred to as “insured institutions”) who operate in Nigeria within the meaning of Sections 16 and 20 of this Act so as to engender confidence in the Nigerian banking industry for further strengthening;
NDIC also has the obligation to give assistance to insured institutions in the interest of depositors, in case of unforeseen or actual financial difficulties of banks most especially where suspensions of payments is threatened, and avoiding damage to public confidence in the banking industry.
One of it key function is also to Guarantee the payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of this Act;
Assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country; and
Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.

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