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The Nigeria Deposit Insurance Corporation (NDIC) has signed a Memorandum of Understanding (MOU) with the Korea Deposit Insurance Corporation (KDIC) on a wide range of issues intended to facilitate implementation of the deposit insurance system in their respective jurisdictions. Both institutions are key members of the International Association of Deposit Insurers (IADI).
The MOU was effected early this month at the KDIC office in Seoul, South Korea. Mr. WI Seongbak, Chairman and President signed on behalf of the KDIC while Umaru Ibrahim, the Managing Director/Chief Executive (MD/CE) of the NDIC signed on behalf of the Corporation. The ceremony was witnessed by the Chairman of the Board of the NDIC Mrs. Josephine Sokefun and some of her colleagues who were on a study tour to the KDIC.
Under the terms of the MOU, both parties noted the increasing globalisation and complexity of large financial institutions and the unique challenges they portend for regulatory authorities and have committed themselves to the promotion of communication, enhancement of existing levels of cooperation; provision of support, mutual understanding, and collaboration on areas related to the development of the deposit insurance systems in the two jurisdictions.
The agreement also provided 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 towards enhancing mutual understanding that promotes the development of the Deposit Insurance System (DIS) in both countries.
Reflecting on the visit, Ibrahim described the study tour and MoU signing as a deeply rewarding experience, given the insight gained by both deposit insurers from the various technical sessions held during the visit.
