The Nigeria Deposit Insurance Corporation (NDIC) said it had embarked on collaboration and cooperation with other deposit insurance agencies globally to address the challenges facing the insurance industry.

The NDIC Managing Director/Chief Executive, Bello Hassan, said this at a retreat organised by the Corporation for members of the House of Representatives Committee on Insurance and Actuarial Matters, on Thursday in Lagos.

The aim of the workshop, with theme, “Deposit Insurance in Nigeria: Restrategising for Tomorrow,” was to help lawmakers know the corporation’s problems towards amending the NDIC Act.

According to him, the Corporation has enhanced collaboration with relevant stakeholders like National Assembly, Federal Ministry of Finance, Budget & National Planning, the Judiciary and the CBN on almost all relevant activities.

He encouraged financial institutions to effectively manage the risks arising from these new technologies and other innovations to ensure continued safety and soundness of the monetary system.