- Focus on digital banking, cyber-security, fraud prevention, sound risk management
BY COBHAM NSA – The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, says enhanced partnership between the Corporation and the Chartered Institute of Bankers of Nigeria (CIBN) will help tackle emerging risks and challenges within Nigeria’s banking sector.
According to him, it is important for both institutions to foster robust collaboration in critical areas such as digital banking, cyber-security, fraud and forgery prevention, and sound risk management to further strengthen the financial system’s integrity.
The NDIC boss, who spoke when the CIBN’s President and Chairman of Council, Prof Pius Deji Olanrewaju, and his executives visited him in Abuja, lamented that the phenomena of the emerging issues are on the rise and measures must be in place to address them.
He said the situation demands regulators and operators must come together to proffer solutions aimed at building a stronger financial ecosystem that withstands the vagaries of the innovations and delivers value to the economy.
A statement by Hawwau Gambo, Head, Communication and Public Affairs Department, NDIC, quoted the Corporation’s Chief Executive as commending the growth of CIBN as a professional body over the years as well as its positive impact on the nation’s banking system.
Mr Sunday also urged the Institute to take critical interest in working more closely with regulators to fashion innovative failure resolution strategies that strengthen the overall resilience of the banking sector.
While reiterating NDIC’s commitment to support professional institutions such as the CIBN in developing and implementing programs that foster innovation, he said maintaining sound risk management frameworks and financial system stability should be non-negotiable.
In his remarks, President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju congratulated Mr. Sunday on his appointment as NDIC’s Managing Director, and expressed confidence in his capacity to uphold the trust reposed in the Corporation by the public based on his sound track record and expertise.
Prof Olanrewaju praised the Corporation NDIC for its notable milestone achievements, particularly the upward review of deposit insurance coverage aimed at strengthening public confidence in the banking system; as well as the deployment of technology to expedite the reimbursement of depositors of the failed Heritage Bank.
Also citing the commencement of liquidation dividend payments within one year of the bank’s closure, the CIBN President said these accomplishments have significantly enhanced depositor and investor confidence in the financial system.
He also appreciated the NDIC for its invaluable contributions and active role as a member of the Institute’s Governing Council, noting that its participation has greatly strengthened the Council’s oversight functions, policy direction, and ethical leadership.
