NDIC Push for Stronger Ties to Curb Digital Risks

As Nigeria’s financial landscape rapidly embraces digital transformation, regulators are turning their focus to new threats arising from online transactions and tech-driven banking. The Nigeria Deposit Insurance Corporation (NDIC) has called for deeper collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) to tackle these growing digital risks.

During a courtesy visit by CIBN President, Prof. Pius Olanrewaju, to NDIC headquarters in Abuja, NDIC Managing Director, Thompson Sunday, emphasised the need for joint strategies to safeguard the banking ecosystem.

According to him, both organisations must work hand in hand to address cybersecurity challenges, prevent fraud, and develop solid risk management frameworks. “Innovation across the banking space is moving fast,” he said. “We need collective efforts to maintain financial stability.”

Collaboration for a Safer Financial Future

Sunday highlighted that as digital banking expands, traditional safeguards must evolve to address modern threats. He encouraged CIBN to contribute more actively to designing new failure resolution mechanisms capable of strengthening the sector’s resilience. He further reaffirmed NDIC’s commitment to institutional partnerships, noting that collaboration remains the backbone of a secure and sustainable financial ecosystem.

In his remarks, Prof. Olanrewaju congratulated Sunday on his appointment and praised NDIC’s ongoing reforms. He pointed to the agency’s recent achievements, such as the upward review of deposit insurance coverage and the swift compensation process for customers affected by the liquidation of Heritage Bank. These, he said, have helped restore confidence among depositors and investors alike.

Shared Vision for Stability and Growth

The CIBN President also acknowledged NDIC’s active role on the Institute’s Governing Council, noting its contributions to improving ethical standards and policy development in the banking profession.

“Our partnership is not just about regulation,” he stated. “It’s about protecting trust and ensuring that innovation does not outpace safety.”Both organisations reaffirmed their shared commitment to protecting depositor funds, promoting digital innovation, and building public trust in Nigeria’s financial system. As digital banking continues to grow, the partnership aims to ensure that technology enhances — not endangers — the nation’s financial stability.