The Nigeria Deposit Insurance Corporation (NDIC) has signed an agreement with the Korea Deposit Insurance Corporation (KDIC) to strengthen the Deposit Insurance System (DIS) in their respective jurisdictions.
In a statement on Wednesday, the spokesman of NDIC, Mr Mohammed Ibrahim, said the signing was done at the KDIC headquarters in Seoul, the South Korean capital.
Ibrahim said the Memorandum of Understanding (MOU) covered a wide range of issues intended to enhance the protection of banks’ depositors.
He listed some areas covered by the MoU as promotion of communication, enhancement of existing cooperation, provision of support and mutual understanding as well as collaboration.
These, according to him, is necessitated by the “increasing globalisation and complexity of large financial institutions and the unique challenges they pose for regulatory authorities.”
“The MOU also provides for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.
“There will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis.
“This is to enhance mutual understanding that promotes development of the DIS in both Nigeria and South Korea,” he said.
Ibrahim said the Chairman of KDIC, Mr WI Seongbak, and the Managing Director of NDIC, Mr Umaru Ibrahim, signed for their respective bodies.