Stop patronising ponzi schemes, wonder banks —NDIC
THE Nigeria Deposit Insurance Corporation, NDIC, has warned traders and business owners from patronising wonder banks and ponzi schemes Managing Director/Chief Executive, NDIC, Bello Hassan gave this warning at the NDIC Special Day at the 2023 Lagos International Trade Fair. Hassan explained that the Deposit Insurance Scheme was created to protect the interests of small depositors by providing a mechanism for reimbursement in the event of imminent or actual bank failures amongst others. He added that this is done while entrenching safe and sound banking practices, contributing to an orderly payments system, and enhancing fair competition in the banking sector. He said: “Thus the DIS is designed as a “risk minimizer” with core functions of deposit guarantee, bank supervision, distress resolution, and liquidation of failed insured deposit-taking financial institutions. The NDIC complements the Central Bank of Nigeria in ensuring the safety, soundn...