Emerging at an important juncture in the development of the country’s financial system, it became the latest plank in the strengthening of the sector’s regulatory framework at its birth on August 31, 2998. An independent statutory body, the Corporation is governed by a seven member Board of Directors drawn from both the public and private sectors.

The Corporation’s primary goal is to institute and manage a Deposit Insurance Scheme to protect depositors from loss, up to a specified limit.

Its main objectives are:

• To provide the highest level of coverage possible to small depositors
• To provide a clearly defined system for dealing with problems which may arise in insured financial institutions
• To restore and maintain confidence in deposit-taking institutions and by extension contribute to the stability and confidence in the nation’s financial sector
• Through the preceding objectives, to contain contagious runs on financial institutions in the event of a failure.