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Blockchain Technology, Cryptocurrency Will Curb Cyber Crime Activities

Nigeria Deposit Insurance Corporation (NDIC), Umar Ibrahim

Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Umar Ibrahim has identified blockchain technology and cryptocurrency as what will fight cybercrime activities in the banking system.

Umar said when he paid a visit to the Senate President, Ahmed Lawan at the Senate Chamber that banks are being encouraged to ensure that they have full proof cyber security system so as to minimize the incidences of hacking which results in serious loses to the banking system, loss of earnings and loss of confidence.

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“We are interfacing with relevant offices and other stakeholders to minimize incidences of cybercrime in our banking system.

He mentioned that blockchain technology and trends globally in the banking space is the emergence of block chains technology and crypto currency. Crypto currency is one example of block chain technology. These are new innovations that can be effectively used in checkmating fraud.”

In his own message, Lawan assured the NDIC boss that the 9th National Assembly will work on the Act the 8th Assembly could not finished.

He tasked NDIC and the banking sector generally to provide required financial facilities for Nigerians interested in agriculture in line with the diversification policy of the government.

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Lawan said: “In the Nigerian economy you have a role to play in that economy and for us we would want to achieve an economy where Nigeria is at advantage and Nigerians get equal doses of opportunity.

“Those at the very lowest ladder of society, those that are particularly disadvantaged should be given opportunities that ordinarily will not be available.

“This administration will want to emphasize particularly that banks hardly provide facilities for agricultural products but do to other projects, that is a big problem.

“On one hand as a government, we want to diversify, we want to encourage agriculture but on the other hand, banks are not doing the needful for those who want to invest in the sector.

“The facilities are not easily met and where they are available the interest rates are out of the roof. This is enough to discourage our people and the trend must please be changed “.