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Last updated on August 3rd, 2021 at 07:33 am

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NDIC Pick Sides With Taiwan And Korea To Develop Team Of Experts In Fintechs, Digital Technology And Blockchain. 

The banking system in Nigeria is facing some financial threats. The banking system needs active digital technology to solve these financial threats.

At the 30th Anniversary Dinner of National Deposit Insurance Corporation. The Managing Director Umaru said;

Nigeria is aware of the emerging role of financial technologies (fintechs) in the financial landscape. The role of blockchain technology and digital currencies globally and that Nigeria is not left behind.

Musa Umaru, Managing Direct/ Chief Executive National Deposit Insurance Corporation.

Plans are underway to develop a special team of experts in innovation and digital technology in NDIC. They will focus on internet banking and digital technology in general picking sides with Korea and Taiwan. This will help solve issue facing financial institutions causing threats to the banking system.

The board of directors and management of NDIC visited Korea and Taiwan and signed a Memoranda of Understanding with other sister organizations in Korea about a month and half ago.

Commenting on their visit to Korea;

“As we speak, I think Korea have just licensed two or three internet banks only and we asked them, “how are you going to supervise and regulate these banks that will operate 24/7 without a human being?” They said they too are having sleepless nights but will have to catch up”

According to Umaru, Korea will employ artificial intelligence to solve their problems. It will help them ensure effective supervision and regulation of these institutions. 

Security exchange commission has previous set up a 10 member committee to draft a framework to regulate blockchain and cryptocurrencies.

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