The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have agreed to strengthen their collaboration to tackle emerging risks in the financial sector, focusing on digital banking, cybersecurity, and fraud prevention.
The agreement was reached during a courtesy visit by the CIBN President, Prof. Pius Deji Olanrewaju, to the new NDIC Managing Director/Chief Executive, Mr. Thompson Oludare Sunday, in Abuja.
Mr. Sunday emphasized the need for a closer partnership to address the vulnerabilities introduced by technological innovation. He stated that regulators and operators must work together to build a financial ecosystem resilient enough to withstand new threats while delivering economic value.
In his remarks, Prof. Olanrewaju commended the NDIC for its recent initiatives, specifically highlighting the upward review of deposit insurance coverage and the use of technology to swiftly reimburse depositors of the failed Heritage Bank. He expressed confidence that these actions have significantly boosted public confidence in the banking system.
The visit marks a renewed commitment from both institutions to work jointly on sustaining stability and trust in Nigeria’s financial landscape.
