The Managing Director Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim has challenged the banking sector to be innovative as strategic thinking and investment in that area would help the economy exit recession.
Ibrahim in his opening remarks at the annual workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Kaduna, Kaduna State, advised that with the country going through the economic difficulty, individuals, organizations, corporate bodies and government parastatals should be creative in order to survive.
Describing the theme of the workshop ‘Economic Recession and the Nigerian Banking: Opportunities, Challenges and the way forward’ as apt, he said
“Now as we know, we are living in what is referred to as VOCAL world meaning vulnerable, uncertain, complex and unpredictable world, and we are experiencing this in one way or the other, as individual, corporate entities, therefore it is obvious that for any individual, any organization to survive has to do a lot, one has to be creative, one has to be innovative to survive this very turbulent moment.
“Banks as we know are facing liquidity issues, foreign exchange issues, unemployment also affects everybody, high expectations from depositors of quality service and unreasonable charges, high expectations from investors of reasonable margins even in difficult time”, he said
He said on its part the NDIC would continue to be dynamic and follow the right regulatory trend to ensure financial stability.
Ibrahim strongly challenged the Primary Mortgage Bank (PMBs) , Deposit Money Banks (DMBs) and the Micro Finance Banks (MFB), to be reasonable, creative and innovative in order to withstand the test of time.