NDIC, CIBN to strengthen collaboration to tackle digital banking risks

The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have agreed to strengthen collaboration in tackling emerging risks in the country’s financial sector.

Oludare Sunday, managing director and chief executive officer of NDIC, spoke when Pius Olanrewaju, CIBN president, led members of the institute’s governing council on a courtesy visit to the corporation’s headquarters in Abuja.

Sunday said the fast-evolving landscape of digital banking, cybersecurity, fraud, and risk management demands closer cooperation between regulators and industry stakeholders.

“Regulators and operators must come together to proffer solutions that build a stronger financial ecosystem,” he said.

“As innovations reshape the sector, our responsibility is to ensure stability while delivering value to the economy.”

The NDIC chief also commended the CIBN for its contributions to professionalism in the banking sector and urged the institute to work closely with regulators on developing innovative failure-resolution strategies to enhance financial system resilience.

He reaffirmed NDIC’s commitment to supporting professional bodies in designing programmes that encourage innovation without compromising sound risk management practices.

In his remarks, Olanrewaju congratulated Sunday on his appointment as NDIC’s managing director and expressed confidence in his leadership to sustain public trust in the deposit insurance system.

He also praised NDIC’s recent milestones, including the upward review of deposit insurance coverage, which he said has strengthened public confidence in the banking system.

The CIBN president also lauded the use of technology in reimbursing depositors of the failed Heritage Bank and the prompt commencement of liquidation dividend payments within a year of the bank’s closure – a move he described as unprecedented in Nigeria’s banking history.

“These achievements have significantly enhanced depositor and investor confidence in the financial system,” he said.

Olanrewaju further thanked NDIC for its “invaluable contributions” as an active member of the CIBN governing council, adding that its participation has improved the council’s oversight, policy direction, and ethical leadership.