Supervision of insured Institutions is one of the key mandates of the Nigerian Deposit Insurance Corporation (NDIC) as a risk minimizer. Through effective banking supervision, the NDIC ensures the protection of depositors and guarantees the safety and soundness of the banking system. Banking supervision enables NDIC to monitor the financial condition and performance of banks as well as engender public confidence in the banking system. In 2012, the NDIC continued with its on-site examination and off-site surveillance of insured deposit-taking financial institutions through its Bank Examination Department (BED), Insurance & Surveillance Department (ISD) and Special Insured Institutions Department (SIID). The Bank Examination Department is responsible for the on-site examination of deposit money banks (DMBs), including non-interest banks. ISD conducted off-site surveillance of deposit money banks while SIID was responsible for the on-site examination and off-site surveillance of micro finance banks (MFBs) and primary mortgage banks (PMBs).
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