What is the NDIC and what are they involved in?
NDIC is an acronym for the National Deposit Insurance Corporation. The Nigerian Deposit Insurance is a system established by the Federal Government of Nigeria to safeguard depositors against the loss of their funds deposited in banks.
The banking sector, the financial safety net, and other financial agencies are essential in the financial scheme of things because deposits from the public are a critical part of the economic system and payments fulfillment, the banking sector serves a dual role of both an intermediary and as agents of enforcement of financial policies made by the government.
Every corporation is vulnerable to bankruptcy, solvency, and liquidity, and banks are not an exception. Banks are susceptible to liquidity because they process short-term liquid deposits into longer-term, and they also process fewer liquid loans.
Banks also lend out money to people whose certainty of payment is not apparent. The banking sector is an undetachable part of the national economy.
The collapse of the banking sector can critically affect the economy of a nation. Therefore, the National Deposit Insurance Corporation was formed with the mandate of mitigating risks associated with deposits and provides insurance against liquidity and solvency to the banking sector.
The National Deposit Insurance Corporation provides a safety net against the collapse of the banking sector.
The corporation achieves this aim through; Moderation and supervision, lender of last resort, and deposit insurance scheme. The responsibility of mitigating liquidity is mostly an issue of national policy.
Some countries have clearly stated policy documents that banks must adhere to.
A deposit insurance policy must be detailed and well designed and must be backed by extant regulations and support from the Central Bank of Nigeria.
The Central Bank of Nigeria has the mandates to set the rules and regulations that must be adhered to before the deposit insurance is accessed by banks and other financial institutions.
The economy, monetary and fiscal policies, the structure of the banks, political will, World Bank policies, IMF Policies, regulatory powers, legal framework, and the effectiveness of the disclosure and account regime are some of the critical factors that affect the effectiveness of the National Deposit Insurance Scheme.
Is the NDIC a good place to work in?
The National deposit Insurance is generally a good place to work. Although the pay is not too good based on standards in the financial industry, there are zero worries about job security. The Corporation has a well-accommodating and peaceful work environment. You also have a guaranteed pension after retirement.
However, if you belong to the fast lane of life and want to be paid huge sums of lump-sum cash, 8-5 life, then this agency is not for you.
The NDIC salary-how much they pay.
The National Deposit Insurance Corporation is a Federal Government’s parastatal under the Central Bank of Nigeria. The entry-level salary in the National Deposit Insurance Corporation is about N150k per month. Other allowances include; Travel allowance, Housing, Food, and Insurance. Other verified salaries from a few professional at the NDIC includes:
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These salaries are not small fraction of the overall package at the NDIC which includes health and great pension packages.
Some issues with working at this company is that of slow promotion, High bureaucracy and work can be too repetitive for workers which makes working at this company not as challenging as some workers will like.
Allowances attached to working at the NDIC
- Housing Allowance (Annual)
- Clothing Allowance (Quarterly)
- Children Education Allowance (Quarterly)
- ICT Allowance (Monthly)
- Holiday Allowance (Annual)
- Medical (Annual)
What is the NDIC salary for Corpers?
Apart from the basic allowance that is given to all corps members, the National Deposit Insurance pays its corps members N30k salary per month, verified.
Author
Abbey Johnson has a Masters degree as an engineer and has over 3 years of teaching and research experience. He is happiest when on a bike and is also interested in electric energy and computer Science.