The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC) has called for deeper collaboration between financial regulators and industry operators to address emerging risks in the banking sector and strengthen public confidence in the financial system. Speaking during an engagement with the Chartered Institute of Bankers of Nigeria (CIBN), he stressed that the rapid evolution of digital banking, cybersecurity challenges, fraud risks and technological innovation demands a united approach to policy development and crisis resolution.
He noted that the banking landscape is undergoing unprecedented transformation driven by innovation, and this comes with both opportunities and systemic vulnerabilities. According to him, regulators must not work in isolation but must engage operators in designing proactive solutions that reinforce financial resilience. “Regulators and operators must come together to proffer solutions that build a stronger financial ecosystem. As innovations reshape the sector, our responsibility is to ensure stability while delivering value to the economy,” he said.
The NDIC chief commended CIBN for its longstanding commitment to professionalism and ethical standards in the banking industry. He urged the institute to deepen collaboration with regulatory institutions, particularly in the development of innovative failure-resolution mechanisms to ensure that distressed institutions can be managed without jeopardising depositor funds or financial system confidence. He reaffirmed NDIC’s support for training and research initiatives that promote innovation while maintaining strict adherence to sound risk management practices.
In his remarks, the President of CIBN, Ken Olanrewaju, congratulated the NDIC boss on his appointment and expressed confidence in his ability to strengthen the deposit insurance framework. He said CIBN shares the corporation’s vision of a secure, technology-driven financial sector capable of protecting depositors and supporting economic growth. Olanrewaju pledged the institute’s commitment to collaborating on capacity-building programmes and policy frameworks that will position the Nigerian banking system to withstand both domestic and global shocks.
The engagement underscored the growing recognition that safeguarding the future of Nigeria’s financial system will require synergy across institutions, continuous innovation and unwavering commitment to depositor protection. At a time when banking services are increasingly digital and consumer expectations are rising, both NDIC and CIBN signalled their readiness to pursue reforms that balance innovation with stability, protecting the integrity of the sector and ensuring long-term public trust.
