Fintechs exacerbate corporate governance and risk management challenges – Business – The Guardian Nigeria News – Nigeria and World News

The Nigeria Deposit Insurance Corporation (NDIC) said that the emergence of financial technologies (fintech) has brought new challenges at the border of corporate governance and risk management.

NDIC said challenges, including those emanating from digitization, are disrupting the payments and banking ecosystem. He said the task of ensuring the security and stability of the country’s banking sector has become more crucial for regulators.

NDIC Director General Bello Hassan said this yesterday at the NDIC 2021 Retirement Opening Ceremony for the Senate Banking, Insurance and Other Financial Institutions Committee held at Zuma Rock Resorts yesterday, Suleja, in the state of Niger.

During the retreat on “The role of NDIC in promoting an effective supervisory framework in the banking sector,” Hassan told participants that banks can only effectively fulfill their role when they are sound, safe and strong.

He said, “The company, guided by developments in global banking regulation and supervision, has continued to collaborate with other key stakeholders to strengthen regulatory / supervisory frameworks to promote confidence and ensure the security and stability of the country’s banking sector. “

He explained that the Company has proposed supervisory measures for digital banks.

He assured that the Company will continue to engage and cooperate with relevant stakeholders, including the National Assembly, to resolve issues related to maintaining the security and stability of banks.

The Chairman of the Senate Banking, Insurance and Other Financial Institutions Committee, Senator Uba Sani, said the opportunity offered by retirement was a good way to revive the operations of banks and reposition them for service delivery. effective.

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