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 intensify collaboration to address emerging risks in the financial sector.
Oludare Sunday, NDIC Managing Director and CEO, made the remarks during a courtesy visit by CIBN President Pius Olanrewaju and the institute’s governing council members to NDIC headquarters in Abuja.
Sunday stressed that the evolving landscape of digital banking, cybersecurity, fraud, and risk management requires regulators and operators to collaborate more closely.
“Regulators and operators must come together to deliver solutions that strengthen the financial ecosystem,” he said. “Our responsibility is to maintain stability while delivering value to the economy.”
The NDIC chief commended CIBN for promoting professionalism in banking and encouraged the institute to support regulators in developing innovative failure-resolution strategies to enhance financial system resilience.
He reiterated NDIC’s commitment to assisting professional bodies in creating programs that encourage innovation without compromising sound risk management practices.
Olanrewaju congratulated Sunday on his appointment as NDIC Managing Director, expressing confidence in his ability to maintain public trust in the deposit insurance system.
He also praised NDIC’s recent achievements, including the upward review of deposit insurance coverage, which he said has strengthened public confidence in the banking sector.
The CIBN president lauded the prompt use of technology in reimbursing depositors of the failed Heritage Bank and the timely commencement of liquidation dividend payments within a year of the bank’s closure, describing it as unprecedented in Nigeria’s banking history.
“These achievements have significantly enhanced depositor and investor confidence,” Olanrewaju said. He further thanked NDIC for its invaluable contributions as a member of the CIBN governing council, noting its role in improving policy direction, oversight, and ethical leadership.